Profit taking limits TAIEX
Share prices were little changed in Taipei yesterday on profit taking and in line with losses in regional markets, dealers said.
The TAIEX fell 6.93 points, or 0.09 percent, to 7,768.71 on turnover of NT$126.9 billion (US$3.94 billion).
Losers outnumbered gainers 1,483 to 1,095, while 300 stocks remained unchanged.
“Individual investors turned to active small caps as they found buying was not strong enough to push through the lid of 7,800 points,” said Steven Huang of President Securities (統一證券).
Institutional investors were also reluctant to actively build up their portfolio for next year because of high prices, he said.
“They would rather lock in their profits from the market rebound since early this year when the global economies slid into recession,” he said.
The fact that this month is the off-season for the electronics sector, the major engine of Taiwan’s economy, also weighed down the market, he said.
“All the factors taken into account, it was understandable why investors didn’t want to push the prices higher,” Huang said.
BOT Shanghai office approved
Bank of Taiwan (BOT, 臺灣銀行) received approval from China’s banking regulator to set up a representative office in Shanghai, the state-owned bank said in a statement on its Web site yesterday.
BOT chairwoman Susan Chang (張秀蓮) said on Monday that the bank would not rule out the possibility of financing a Taiwanese financial building in Shanghai that could be used as its office in that city as well as leasing space to other Taiwanese banks.
The BOT, established in 1946, used to have a Shanghai branch office on the Bund in the late 1940s. Chang said the bank has contacted the building’s present owner — China Merchants Bank (招商銀行) — to see if it can buy back the building.
Five firms earn certificates
Five major companies in Taiwan’s high-technology industry have obtained carbon footprint certificates from organizations from home and abroad for their latest products.
Their efforts, recognized recently by the Taiwan Electrical and Electronic Manufacturers Association (TEEMA, 電電公會), were aimed at keeping up with the global trend of protecting the environment and securing greater market potential for their products, TEEMA chairman Arthur Chiao (焦佑鈞) said.
The five are Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), United Microelectronics Corp (聯電), Chi Mei Optoelectronics (奇美電子), Advanced Semiconductor Engineering Inc (日月光半導體) and Asustek Computer Inc (華碩電腦).
Chang sees challenges ahead
TSMC chairman and CEO Morris Chang (張忠謀) said yesterday that while the global economy is recovering, Taiwanese companies still face the challenges of a stronger Taiwan dollar, higher raw material prices and stricter control of carbon emissions.
Chang, the founder of the world’s largest contract chipmaker, said the outlook for the semiconductor industry next year is relatively good, but new challenges also loom as Taiwan’s and the global economy slowly rebound.
Chang made the remarks on the sidelines of a breakfast meeting held by the Taipei-based Chinese National Association of Industry and Commerce (工商協進會).
NT dollar loses ground
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.070 to close at NT$32.350. Turnover was US$727 million.
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