Shares rise 1.22%
Taiwanese shares rose 1.22 percent yesterday as the banking sector extended gains on hopes that a financial cooperation agreement with China would be signed soon, dealers said.
The weighted index closed 77.53 points higher at 6,457.61 on turnover of NT$120.75 billion (US$3.67 billion).
Gainers outnumbered losers 1,523 to 727, while 142 shares remained unchanged.
The market opened high and remained strong throughout the trading session on optimism that Taipei and Beijing would soon sign a landmark memorandum of understanding (MOU) on financial cooperation.
Share prices rallied 2.95 percent on Wednesday over the anticipated MOU, which analysts say would provide local banks with access to China’s financial market if it is followed up.
FSC in deal with Belgium
The Financial Supervisory Commission (FSC) signed an exchange of letters (EOL) on Wednesday with its Belgian counterpart — the Banking, Finance and Insurance Commission — to strengthen cooperation on financial supervision.
The two commissions agreed to share information, hold regular meetings and keep in contact, conduct field inspections and visits and cooperate in fighting financial crimes, the FSC said.
Four Taiwanese banks — Taiwan Cooperative Bank (合作金庫銀行), Bank of Taiwan (臺灣銀行), Land Bank of Taiwan (土地銀行) and Taiwan Business Bank (臺灣企銀) — have jointly established the Taiwan United Bank in Brussels.
Belgium’s KBC Bank NV and Fortis Bank have set up four branches in Taiwan, the FSC said.
To date the FSC has signed 38 memorandums of understanding and EOLs with counterparts around the world.
ECFA talks in October?
The two sides of the Taiwan Strait may start talks in October on the signing of an economic cooperation framework agreement (ECFA), Minister of Economic Affairs Yiin Chii-ming (尹啟銘) said.
Yiin was speaking on Wednesday after Fan Liqing (范麗青), spokeswoman for China’s Taiwan Affairs Office, said earlier in the day that Taiwan and China were likely to start negotiations on an ECFA later this year.
Yiin said preliminary research on ECFA-related subjects was expected to be complete within days, after which a comprehensive three-month study would be conducted, he added.
The two sides would meet for preliminary talks in the interim, Yiin said.
TAIFEX board reshuffled
A Taiwan Futures Exchange (TAIFEX) shareholder meeting yesterday reshuffled the TAIFEX’s 15-member board and five supervisory seats, the exchange said in a press release.
TAIFEX chairman Andy Yeh (葉景成) is to be replaced by a government appointee, who is yet to be named, after his three-year tenure ends on July 23, the exchange said.
Eleven new board directors and three new supervisors were elected yesterday; all are entitled to nominate four independent directors and two candidates for supervisor within a month. From these candidates the government will appoint two directors and one supervisor.
The government will then appoint the final two directors, including the chairman, and the final supervisor, TAIFEX said.
NT dollar loses ground
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.108 to close at NT$32.970. Turnover was US$957 million.
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