TAIEX closes above 7,900
The TAIEX closed above the 7,900-point mark yesterday, helped by buying in the financial sector on the first day banks were allowed to handle yuan operations in Taiwan, dealers said.
However, the upside was capped by investors locking in gains in the last trading session before the Lunar New Year holiday, amid fears that negative leads could emerge on Wall Street and Europe during the 10-day break, they said.
The local bourse is scheduled to reopen on Feb. 18.
The weighted index closed up 19.71 points, or 0.25 percent, at the day’s low of 7,906.65, off an early high of 7,941.65, on turnover of NT$91.83 billion (US$3.11 billion).
BOT ships cash to Shanghai
The Bank of Taiwan (BOT, 台灣銀行) yesterday said it had shipped NT$25 million in cash to Shanghai, marking the first batch of New Taiwan dollar notes to be shipped directly across the Taiwan Strait without passing through a third area.
The cash went into the vaults of the bank’s Shanghai branch. However, China’s State Administration of Foreign Exchange yesterday said a license for the BOT’s Shanghai branch to conduct clearing services would not be approved until after the Lunar New Year.
Four auto fairs combined
Four sourcing fairs for automobiles and auto parts will be on show from April 10 to April 13 at the Taipei World Trade Center and at the Taipei World Trade Center’s Nangang Exhibition Hall, making it Asia’s largest vehicle show, organizers said on Monday.
The Taipei International Auto Parts and Accessories Show and the Taipei International Automobile Electronics Show are expected to showcase 1,100 participating companies and 3,000 booths, up 6 percent from the previous year, the Taiwan External Trade Development Council (TAITRA, 外貿協會) said.
As the Taiwan International Motorcycle Show and the Taiwan International Electric Vehicle Show will also take place at the same time this year, TAITRA said about 1,700 local and foreign suppliers and 4,000 booths will be featured at the four fairs, attracting about 70,000 buyers.
Powerchip gets rollover on loan
Memorychip maker Powerchip Technology Corp (力晶科技) said yesterday last week that its creditor banks have agreed to extend its NT$44.78 billion (US$1.54 billion) in syndicated loans for another five years.
Powerchip said in a filing to the Taiwan Stock Exchange that two-thirds of its 41 creditor banks, led by Hua Nan Commercial Bank (華南銀行), had agreed to roll over the loan to Dec. 14, 2015.
However, Powerchip did not specify the progress in its sale of a 12-inch wafer factory, named P3, in the Hsinchu Science Park, which is part of the chipmaker’s deal with creditor banks to recoup some of the money lent to Powerchip.
Taipei-based TrendForce Corp (集邦科技) said in its latest report that US-based GlobalFoundries Inc had bought most equipment in P3. Powerchip declined to comment on the report.
NT drops against greenback
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.037 to close at NT$29.622 as the central bank continued its intervention to help the greenback recover from earlier losses, dealers said. Turnover was US$794 million.
Meanwhile, on the first day of trading, the yuan traded at 6.2155 per US dollar in Taipei, with 54 transactions recorded, Taipei Forex Inc said.