Shares fall ahead of meeting
Shares fell yesterday as investors stayed on the sidelines ahead of the US Federal Reserve meeting on interest rates this week.
The TAIEX dropped 131.72 points, or 1.46 percent, to 8,899.91, on turnover of NT$108.17 billion (US$3.27 billion).
Foreign investors were selling before the Fed's meeting today, said Randy Chang of KGI Securities Co (中信證券).
Leading tech shares turned in weak performances. Taiwan Semiconductor Manufacturing Co (台積電) fell 1.6 percent to NT$60.80. Advanced Semiconductor Engineering Inc (日月光半導體) dropped 2.3 percent to NT$31.50.
On the foreign exchange market, the New Taiwan dollar lost ground against its US counterpart, hitting a one-month low due to foreign capital outflows, dealers said.
The NT dollar fell NT$0.039 to close at NT$33.110 on the Taipei Forex Inc, on turnover of US$536 million.
Uni-President hits record high
Uni-President Enterprises Corp (統一企業), the nation's biggest processed-food maker, climbed to a record in Taipei on expectations that earnings from China will rise.
The Tainan-based maker of instant noodles and drinks rose 4.4 percent to NT$41.45. The stock's previous record close was NT$39.70 on Friday.
Uni-President operates plants in China making instant noodles, soft drinks and other products.
Uni-President shares gained on expectations a plan to spin off China operations may bolster earnings, said Alan Tseng (曾炎裕), a Taipei-based analyst with Capital Securities Corp (群益證券), who has a "buy" rating on the stock.
Shenhua share sale approved
Shenhua Energy Co (神華能源), China's biggest coal producer, won permission from the Chinese stock market regulator to sell as many as 1.8 billion shares in Shanghai.
Shenhua Energy's application to sell yuan-denominated A shares on the Shanghai Stock Exchange was approved, the China Securities Regulatory Commission said in a statement on its Web site yesterday.
AIG to invest in new fund
AIG Global Asset Management (友邦投信) plans to invest up to NT$5 billion in a new fund targeting Taiwan stocks, Reuters reported yesterday, citing Jim Chang (張一明), president of AIG Global.
AIG Global is a local investment arm of American International Group Inc, the world's largest insurer.
AIG Global has applied with financial regulators for the setup of the new fund, which is expected to raise between NT$3 billion and NT$5 billion and will start investing in local stocks at the end of the year, the report said.
Korean delegation due today
A delegation from the Korea Importers Association (KOIMA) is scheduled to arrive in Taipei today to hold procurement meetings with local manufacturers and suppliers, the Taiwan External Trade Development Council (TAITRA) said yesterday.
According to a TAITRA official, the delegation is comprised of more than 10 importers dealing in machinery and electronics, medical instruments, chemicals, water treatment systems, building materials, solar energy systems, foodstuffs and optical products.
In addition to face-to-face procurement consultations, the official said, the delegation will also organize a symposium on the investment climate of the Incheon Free Trade Zone and will invite Taiwanese manufacturers to take part in this year's Imported Goods Fair in South Korea.
Official statistics show that two-way trade exchanges between Taiwan and South Korea have been growing steadily over the years, with the trade volume for the first five months of this year rising 6.87 percent year-on-year.
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