■ Liquidity helps lift stocks
Shares closed 0.78 percent higher yesterday as ample liquidity fueled rotational plays, with financial stocks in particular attracting investor interest following previous falls, dealers said.
They said gains in the sector outweighed any caution which might have been caused by a lackluster performance on Wall Street overnight.
The TAIEX closed up 61.20 points at 7,895.18, on turnover of NT$113.98 billion (US$3.48 billion).
Risers led decliners 767 to 416, with 194 stocks unchanged.
■ Tsann Kuen hurting in China
Tsann Kuen Group (燦坤實業), the nation's largest home appliance and consumer electronics chain, said yesterday that its subsidiary in Xiamen, China, has posted "more losses than it earlier expected."
On Monday, Tsann Kuen (China) Enterprise Co (廈門燦坤實業) applied for the suspension of trading of its shares on the Shenzhen Stock Exchange.
"The Zhangzhou arm of Tsann Kuen (China) posted smaller-than-expected net income as a result of rising material costs, yuan appreciation and order losses," the company said in a filing to the Taiwan Stock Exchange yesterday.
The net income of the Zhangzhou arm was 530 million yuan (US$68 million), less than expected, which affected Tsann Kuen (China)'s consolidated net income by a shortfall of 390 million yuan, the statement said.
Net losses of Tsann Kuen (China) last year are estimated at 680 million yuan to 760 million yuan, it said.
Tsann Kuen said it expected trading of its shares in Shenzhen would resume within a week.
■ FSC backs foreign reinsurer
The Financial Supervisory Commission (FSC) yesterday approved Germany's Cologne Reinsurance Co's application to set up branches in Taiwan.
The commission did not specify how much the German reinsurer would bring to Taiwan, but said Cologne Reinsurance would be the second foreign reinsurance firm to operate in the country.
■ Financiers fined
The Fair Trade Commission yesterday slapped fines of NT$5 million (US$152,700) on four financial institutions for inappropriate loan clauses, a violation of Article 24 of the Fair Trade Act (公平交易法).
The commission meted out penalties of NT$1.4 million on Kuo Hua Life Insurance Co (國華人壽), NT$1.1 million on Union Insurance Co (友聯產險), NT$1.4 million on Nan Shan Life Insurance Co (南山人壽) and NT$1.1 million on Hwatai Bank (華泰銀行).
The commission also demanded that the offending clauses be removed immediately or the companies could face heavy fines of up to NT$50 million.
■ Huge bonuses for tech staff
Employees of local major technology firms are expected to receive a fat red packet for their stock bonus this year, the Chinese-language Apple Daily said yesterday. The paper reported that staff at Foxconn Technology Group (鴻準精密), PixArt Imaging Inc (原相科技) and Hon Hai Precision Industry Co (鴻海精密) were expected to receive large stock bonuses this year.
Staff of Foxconn Technology, a light-metal casing supplier under Hon Hai, would receive NT$27.5 million (US$840,000), while chip image sensor maker PixArt was to present NT$17.96 million to each of its 150 employees.
Employees at the world's top electronics contract maker, Hon Hai, would get NT$7 million, the paper said.
■ NT dollar unchanged
The New Taiwan dollar remained unchanged at NT$32.792 against the US dollar on the Taipei Forex Inc, with turnover of US$972 million.
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