TAIEX falls 49.8 points
Share prices dropped yesterday, with the TAIEX falling 49.8 points, or 0.61 percent, to close at 8,004.25.
The bourse opened at 8,116.39 and fluctuated between 7,999.28 and 8,163.94. Market turnover totaled NT$152.04 billion (US$4.85 billion).
Six of the eight major stock categories lost ground, with paper and pulp shares dropping the most at 2.33 percent, followed by textile shares at 1.43 percent.
Foreign investors and Chinese qualified domestic institutional investors were net buyers of NT$12.92 billion in shares.
Pegatron profits up threefold
Pegatron Technology Corp (和碩聯合), the spun-off contract manufacturing arm of Asustek Computer Inc (華碩電腦), yesterday said its first-quarter profits rose nearly threefold to NT$1.8 billion as the spinoff move started to show a positive impact.
Earnings per share were NT$0.78 in the first quarter, up from last year’s NT$0.22, a statement said. Sales rose 32.7 percent to NT$110.2 billion.
“Year-on-year sales for the computing and consumer electronics segments showed better-than-expected growth; however, sales for the communication division saw a decline in the first quarter,” the statement said.
Gross margins edged up 0.1 percentage point to 4.6 percent.
Evergreen posts NT$87m loss
Evergreen Marine Corp (長榮海運), the nation’s biggest container shipping line, posted a smaller-than-estimated first-quarter loss as the global economic recovery spurred demand for cargo shipments.
The NT$87 million net loss compared with a loss of NT$2.74 billion a year earlier, the Taipei-based company said in an exchange filing yesterday.
Sales climbed 2.3 percent to NT$3.71 billion in the quarter as the global economy recovered from its worst recession in six decades.
Evergreen will begin talks next month on buying about 100 ships because of rising shipments of Asian-made furniture, electronics and clothes to the US and Europe.
“Market demand is definitely improving for Evergreen Marine,” said Bruce Tsao (曹伯瑄), a Taipei-based analyst at Capital Securities Corp (群益證券), which has a “buy” rating on the stock.
“The company may make a profit this year, or at least break even,” he said.
Evergreen Marine climbed 6.9 percent to NT$20.15 in Taipei trading before the earnings announcement.
Foreign loan details required
The central bank asked 65 banks for details on their foreign-currency lending to make sure exporters and importers are not using the loans to speculate on the local currency, an official said.
Central bank rules stipulate that companies must have real demand before they ask banks for foreign-currency loans, and proceeds cannot be exchanged into NT dollars, the official at the licensing department said by telephone yesterday.
The NT dollar has climbed 1.5 percent this month, the most since September, on speculation that the yuan’s appreciation and a planned trade accord with China will attract funds to local assets.
“Foreign investors have every reason to send in funds, as there will be more gains for the NT dollar if the yuan rises” and because of the trade agreement, said Henry Lin, a currency trader at Shin Kong Commercial Bank (新光銀行) in Taipei. “The central bank may be stalling it, but the inflows are too big.”
The NT dollar rose NT$0.032 to close at NT$31.418 against its US counterpart on turnover of US$866 million yesterday.
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