Taipei shares close down
Share prices closed down 0.58 percent yesterday after bargain hunting helped recoup some early losses, dealers said.
The weighted index fell 28.56 points to 4,931.84, off a low of 4,805.68, on turnover of NT$41.03 billion (US$1.26 billion).
The market opened sharply lower, led by the financial sector, after prosecutors on Friday searched three financial holding companies as part of a probe into allegations of money-laundering against former president Chen Shui-bian (陳水扁) and his family, dealers said.
With the TAIEX falling to around the nearest support mark of 4,800 points, bargain hunters entered the market by taking advantage of the battered share prices, they said.
Gains in major regional markets also boosted market sentiment, they said.
Fubon Financial (富邦金) attracted large buying after it announced it would buy Dutch banking giant ING’s Taiwanese life insurance unit for US$600 million.
Fubon Financial closed up 6.72 percent to NT$19.05, recovering from a low of NT$17.30.
“The acquisition price is good. Fubon’s announcement could not come at a better time,” Grand Cathay Securities (大華證券) analyst Mars Hsu said. “The buying spread to other select financial stocks and market heavyweights to lift the broader market.”
Hsu said a government move to continue to halve the stock market’s downside limit to 3.5 percent for another week is expected to prolong the local market declines.
“Investor confidence remains weak on fears that foreign institutional investors will continue to cut their holdings amid Wall Street turbulence,” he said.
Bourse merger moves closer
The legislature yesterday approved the first-reading of a bill that provides a legal footing to facilitate the four-way merger between the Taiwan Stock Exchange Corp (TWSE) and the nation’s secondary bourses including the Taiwan Futures Exchange (台灣期貨交易所), the GreTai Securities Market (櫃台買賣中心) and the Taiwan Depositary and Clearing Corp (台灣集中保管結算所).
Once the legislature approves the merger plan, it will be completed in two phases, the first of which would be the founding of a holding company within the next six months, TWSE chairman Chi Schive (薛琦) said yesterday.
He predicted that an exchange holding company is likely to form early next year to facilitate the merger while releasing shares of the holding company to the public.
Historic visit starts tomorrow
Leung Chun Ying (梁振英), convener of the non-official Members of the Executive Council of Hong Kong and chairman of the Hong Kong Coalition of Professional Services said yesterday that a delegation of Hong Kong businessmen will make a historic visit to Taiwan tomorrow.
It will be the first large-scale business delegation to visit Taiwan in recent years, Leung said, comprising members from the Coalition of Professional Services, Hong Kong Exchanges and Clearing Limited, Hong Kong Trade Development Council and the Hong Kong International Arbitration Centre.
The delegation is scheduled to call on the Ministry of Economic Affairs and the Mainland Affairs Council, Leung said.
Noting that warming cross strait ties have brought new opportunities, he suggested that Hong Kong should not stand idly by and waste the chance to advance business and trade with Taiwan.
Leung also said that Hong Kong could provide professional services in the areas of trade and arbitration for Taiwanese businesspeople.
NT dollar weakens
The New Taiwan dollar yesterday weakened by NT$0.030 to trade at NT$32.58 against the greenback on turnover of US$556 million.
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