Profit-taking drags TAIEX lower
The TAIEX closed down 0.21 percent yesterday after profit-taking reversed early gains on a Wall Street recovery overnight, dealers said.
The index fell 15.61 points to 7,340.08 on turnover of NT$101.32 billion (US$3.12 billion).
Losers led gainers by 1,351 to 1,225, with 253 stocks unchanged.
The market opened 0.99 percent higher as investors welcomed data showing a US economic recovery in the third quarter. Profit-taking quickly set in, however, and it accelerated in late trade to drag the index down amid concerns over a possible retreat by foreign institutional investors, dealers said.
Delta to acquire Cyntec
Delta Electronics Co (台達電), an electronic power supply maker, plans to acquire Cyntec Co (乾坤科技) in a share swap and expects to close the deal on March 31, the Taoyuan-based company said in an e-mailed statement yesterday.
Each Delta share will be exchanged for 1.07 Cyntec shares, the statement said.
TSMC looks for record profit
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest custom-chip maker, aims to surpass profit of NT$108 billion (US$3.32 billion) next year, the company said in an e-mailed statement yesterday. The company’s target to set a record for profit is an internal target and not a forecast, the statement said.
Cosmos to reduce capital
Cosmos Bank Taiwan (萬泰銀行) yesterday announced it would reduce its capital by 54.3 percent, or NT$19.3 billion (US$593 million), a move scheduled to be completed by Jan. 20, it said in an exchange filing.
The bank will begin the trading in new shares after Jan. 28, the filing said.
Meanwhile, Cathay Life Insurance Co (國泰人壽) has taken up 72 million special shares of Mass Mutual Mercuries Life Ltd (三商美邦人壽) for NT$11 per share via a private placement, Cathay Financial Holding Co (國泰金控) said in a separate filing.
That represents a 7.8 percent stake in Mass Mutual Mercuries, which is entitled to redeem the shares in five years, it said.
Fubon to issue debt next year
The board of Fubon Financial Holding Co (富邦金控) yesterday gave its approval to a fund-raising proposal, which authorizes the company chairman to draft plans and a timetable to raise up to NT$11.5 billion (US$354 million) in funds via the issuance of corporate bonds with a maturity of less than seven years next year.
The to-be-raised funds would be used to buy back the company’s subordinated corporate bonds issued on overseas markets, Fubon said in a stock exchange filing.
Carrefour appeal fails
A Taiwanese court has rejected an appeal by French retail giant Carrefour against a fine for misleading advertisements, an official said yesterday.
The Supreme Administrative Court upheld the decision against Carrefour for claiming it checked its price lists daily and immediately lowered the price of items found to be more expensive than competing stores, a court official said.
Despite the claim, made on Carrefour’s Web site and in its catalogues, four of its outlets failed to charge the lowest prices, prompting the Fair Trade Commission in 2006 to slap a fine of NT$4.44 million (US$138,000) on Carrefour for making untruthful and misleading statements on its pricing.
NT dollar bounces back
The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.045 to close at NT$32.535. Turnover was US$616 million.
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