TAIEX shares climb 0.27%
Taiwanese shares closed 0.27 percent higher yesterday as technology stocks strengthened in line with their US counterparts, dealers said.
The weighted index closed up 24.39 points at 9,090.43, off a high of 9,194.86 and a low of 9,063.69.
Turnover was NT$238.96 billion (US$7.91 billion).
A total of 28 stocks closed limit-up, while 10 were limit-down. Decliners outnumbered advancers 1,344 to 981, with 277 stocks unchanged.
“The surge in US technology stocks benefited local technology firms, which rose on liquidity-driven interest,” said Samson Chueh (闕山雄), an assistant vice president of Yuanta Capital Management (元大投顧).
“The hefty turnover in the broad market pointed to quick portfolio changes, with investors shifting among various sectors amid ample liquidity,” Chueh said.
Idee auction pushed back
The public auction of the financially troubled Idee Department Store (衣蝶百貨) will be pushed back again after potential buyers said they need more time to evaluate the buyout, China Rebar Co (中國力霸), Idee’s parent company, said yesterday.
China Rebar said it would postpone the planned auction, originally scheduled today, after several Hong Kong and Taiwanese buyers expressed concerns over the retailer’s high rental and other takeover risks. China Rebar will disclose the next auction date on Monday, it said.
China Rebar held its first public auction of Idee on Nov. 26, with a floor price of NT$1.8 billion. It failed to attract any bidders, however.
On Feb. 18, Idee shareholders decided to slash the floor price to NT$705 million in an attempt to speed up the auction.
Oil reaches record high
Oil set a record above US$115 a barrel yesterday as a drop in US gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities.
A US government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of gasoline.
US crude set a record of US$115.54 a barrel and by 1051 GMT was trading at US$114.92, down 1 cent.
Oil has hit new peaks for three consecutive days.
Taipower sells bonds
State-run Taiwan Power Co (Taipower, 台電) sold NT$8 billion (US$264 million) in bonds to help fund new generators and transmission lines.
The company sold NT$3.5 billion of three-year notes, NT$2.7 billion of five-year bonds and NT$1.8 billion of seven-year debt, Taipower said in an e-mailed statement yesterday.
Taipower may increase its debt sales this year by as much as 60 percent to NT$80 billion from what it previously proposed, the company said in February.
The utility plans to invest NT$157.2 billion in power plants and networks this year.
“We try to sell more if we can,” Clint Chou (周義岳), a Taipower spokesman said.
The three-year bonds priced yesterday will pay an annual interest of 2.42 percent, the five-year notes 2.63 percent and the seven-year debt 2.74 percent, the company said.
Greenback gains on NT dollar
The NT dollar weakened against the US dollar on the Taipei Foreign Exchange yesterday, dropping NT$0.020 to close at NT$30.27.
A total of US$1.69 billion changed hands during the day’s trading.
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