Sentiment down on bird flu
The TAIEX ended lower yesterday as market sentiment was dampened by foreign institutional investors’ increased buying of short-position contracts in the futures market, which bet on the market falling due to a bird flu scare in China and heightened tensions on the Korean Peninsula, dealers said.
The local bourse opened 13.83 points higher after an 189.56-point drop at the close of trade on Monday, but failed to maintain momentum as foreign investors placed 9,000 orders for short-position contracts, down from 8,301 orders last week for long-position contracts that bet on a bullish market.
The weighted index closed down 24.25 points, or 0.31 percent at 7,728.54, on turnover of NT$68.99 billion (US$2.30 billion).
Lion Travel expands services
Lion Travel Service Co Ltd (雄獅旅行社), one of the nation’s leading travel agencies, yesterday said its subsidiaries in China have been allowed to run services for Chinese tourists to Hong Kong and Macau starting in the second quarter, which would be an important driver for the company’s revenue this year.
Lion Travel currently operates five subsidiaries in China. The company is scheduled to open two new subsidiaries in China by the end of this year, company chairman Jason Wang (王文傑) said. The company also plans to expand its overseas services to Singapore and Malaysia, he added.
Lion Travel plans to list on the Taiwan Stock Exchange in the fourth quarter, as it hopes to raise funds on the open market to finance its expansion, Wang said.
Xiaomi pre-orders available
Far EasTone Telecommunications Co Ltd (遠傳電信), the nation’s third-largest telecommunications carrier, yesterday launched preorders for a new smartphone from China’s Xiaomi Technology (小米科技) in Taiwan.
Shanghai-based Xiaomi’s 4.3-inch S2 smartphone is equipped with an advanced Qualcomm Inc quad-core processor and is priced at NT$9,499. It will be free for those who subscribe to Far EasTone’s service package for a minimum monthly fee of NT$1,173.
AUO to unveil new display
AU Optronics Corp (AUO, 友達) is to debut a 5-inch full-high-definition organic light-emitting diode (HD OLED) smartphone display, which has a resolution of 443 pixels per inch, in China this week, the company said yesterday in a statement.
The full-HD OLED panel, which is touted as having the world’s highest resolution, will be showcased at the China Information Technology Exposition and the China Optoelectronics Display Exposition 2013, which is to be held between today and Friday in Shenzhen.
AUO said the new product would satisfy consumer demand for exquisite image quality.
NDF to invest NT$520 million
The National Development Fund’s (NDF) steering committee on Monday agreed to invest approximately NT$520 million in drug manufacturing and other emerging industries, as well as a contactless smartcard system in the south of the country.
Of the NT$520 million, NT$60 million is to be invested in a drug factory built by the non-profit Development Center for Biotechnology, NT$360 million is to be injected into a venture capital fund operated by Global Investment Holding (環宇投資) and NT$100 million is to go into the contactless smartcard system.
NT dollar up on greenback
The New Taiwan dollar closed higher against the US dollar yesterday, rising NT$0.01 to NT$30.050.
Turnover totaled US$768 million during the trading session.