TAIEX takes tumble
The TAIEX fell below the 8,000 point mark yesterday as investors pocketed the gains they had built up in recent sessions in the financial sector, dealers said.
The high-tech sector remained lackluster amid lingering concerns over the slow season effects in the first quarter, while old economy stocks, in particular firms that have close business ties with China, came under pressure due to a pullback in the markets in Shanghai and Shenzhen, dealers said.
The weighted index closed down 44.01 points, or 0.55 percent, at 7,994.71, on turnover of NT$90.32 billion (US$3.04 billion).
New HTC device approved
A new mobile device made by HTC Corp (宏達電) was approved for sale on Monday by the National Communications Commission.
The 3G mobile handset named “HTC Desire P” was approved following product testing by Sporton International Inc, a Taipei-based certification service provider. No hardware specifications or pictures of the new device were supplied and HTC declined to comment.
Merida reports revenue growth
Bicycle maker Merida Industry Co Ltd (美利達) said yesterday its revenue grew 13.3 percent year-on-year to NT$3.34 billion from January through last month, from NT$2.95 billion a year ago.
Merida said sales grew most significantly in China, by 20 percent, because of strong demand for its high-end bicycles.
The company forecast bicycle demand would rise further from this month as the weather becomes warmer.
Project set to aid manufacturers
Taiwanese manufacturers that produce chips, light-emitting diode (LED) components, power supplies or heat sinks will benefit from the country’s two-year streetlight energy saving project, according to a market research firm.
Leotek Electronics Corp (光林), Everlight Electronics Co (億光), Delta Electronics Inc (台達電) and Leadray Energy Co (賀喜) are expected to benefit the most from the project, LEDinside said in a research note.
The government plans to replace 326,000 mercury vapor bulbs with LED fixtures this year and next, a conversion that the Bureau of Energy estimates will save 143 million kilowatt-hours of power and NT$358 million in electricity bills per year.
The project is expected to generate NT$4.48 billion in additional business for LED-related vendors, the bureau said.
Airline to suspend service
A South Korean budget airline is scheduled to suspend its service to Taiwan next month after less than a year, the carrier’s local agent announced on Monday.
Taiwan Orchid Express said it had received notice from Jin Air’s headquarters that it was temporarily suspending services. The last Jin Air flight serving Taiwan will arrive on April 21 and return to Jeju Island the following day.
Jin Air launched regular flights between Jeju and Taipei on June 6 last year, offering four flights per week.
FTC to start Next Media review
The Fair Trade Commission (FTC) said yesterday it would start reviewing the buyout application for Next Media Group (壹傳媒集團) and aims to complete the review process by April 6. The commission said it could extend the period to May 6 if it considers it necessary. However, based on the buyout terms, investors can cancel the deal if the transaction cannot be completed by March 27.
NT dollar gains on greenback
The New Taiwan dollar closed higher against the US dollar yesterday, adding NT$0.01 to NT$29.730.
Turnover totaled US$374 million during the trading session.