TAIEX falls, UMC shares rise
The TAIEX ended lower yesterday after moving in a narrow range and failing to overcome the nearest technical resistance of 8,000 points, dealers said.
The weighted index closed down 43.75 points, or 0.55 percent, at 7,951.76, after fluctuating between 7,946.29 and 8,002.71, on turnover of NT$75.60 billion (US$2.55 billion).
However, shares of United Microelectronics Corp (UMC, 聯電) rose 4.50 percent to close at NT$11.60 after the company on Wednesday said it will buy back up to 200 million shares at a price of between NT$7.8 and NT$16.9 from today until May 13 in a bid to prop up its share price.
Evergreen to launch new service
Evergreen Marine Corp (長榮海運), the nation’s largest container shipper in terms of fleet scale, will launch a new East Africa service from March 26 with Hanjin Shipping Co of South Korea and Simatech Shipping LLC of the United Arab Emirates.
Four ships with capacities of between 2,500 and 2,800 twenty-foot-equivalent units (TEU) will be deployed in the joint service between India, the Persian Gulf and East Africa, the shipper said in a statement.
The 28-day round-trip will depart and arrive in the same city — India’s Mundra, followed by four pickup stopovers in Pakistan’s Karachi, the United Arab Emirates’ Jebel Ali, Kenya’s Mombasa and Tanzania’s Dar es Salaam, the statement said.
Poll shows retirement ideals
Most respondents to a recent survey said they believe they will need NT$1 million per year after they retire to be able to enjoy a comfortable retirement, according to the poll results released on Wednesday.
More than 70 percent of the respondents said they have not made adequate preparations for such a retirement, according to the poll conducted by the HSBC Group among 15,000 respondents in 15 regions around the world.
CPT to sell Chinese plant
Local LCD panel maker Chunghwa Picture Tubes Ltd (CPT, 中華映管) yesterday said it planned to sell a TV panel module plant in China to Chinese panel maker China Star Optoelectronics Technology Co (華星光電) for 446 million yuan (US$72 million) as part of its efforts to focus its resources on making panels for mobile devices.
Chunghwa Picture Tubes expects to gain NT$47 million in profits from the asset sale, which is scheduled to be closed by the end of next quarter.
Power company to appeal fine
Mai-Liao Power Corp (麥寮汽電) yesterday said it would appeal a fine imposed by the Fair Trade Commission (FTC) for its engagment in a price-fixing case thatwas found to have damaged Taiwan Power Co (Taipower, 台電) and the nation’s interests.
The company denied it had colluded with other independent power producers against Taipower over electricity prices.
These independent power producers on Wednesday received a fine of NT$6.32 billion by the commission for conspiring against price renegotiation with Taipower.
NT dollar weakens
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.065 to close at NT$29.800 as traders took their cues from a weakening South Korean won to lower their positions in the local currency, dealers said.
The movement of the Japanese yen, which erased some of its earlier gains against the US dollar, also gave traders here a hint that they should buy into the greenback, the dealers said.
Turnover totaled US$728 million during the trading session.