TAIEX drops on panic selling
Share prices extended losses on panic selling yesterday, with the TAIEX index falling 117.42 points, or 1.52 percent, to close at 7,579.48.
The local bourse opened at 7,696.27 and fluctuated between 7,562.03 and 7,702.11. Market turnover totaled NT$ 116.1 billion (US$3.65 billion).
Concern about the Greek debt crisis and Chinese authorities’ monetary tightening measures aimed at reining in spiraling asset prices sparked a panic in late trading, pushing the index below the 7,600 level, traders said.
Losers outnumbered gainers 2,487 to 717, with 184 remaining unchanged. Foreign investors and Chinese qualified domestic institutional investors were net sellers of NT$12.83 billion in shares.
Telecoms summit opens
The 41st meeting of the Asia-Pacific Economic Cooperation (APEC) Telecommunications and Information Working Group (TEL) opened in Taipei yesterday.
About 300 representatives of APEC members will participate in the six-day meeting, according to the Cabinet-level National Communications Commission, one of the event’s main organizers.
Issues to be raised for discussion will include spectrum management and analog-to-digital conversion of terrestrial television broadcasting, as well as Internet safety for children and teenagers, commission officials said.
This is the third time a TEL meeting has been held in Taiwan since the country joined the working group in 1991.
Clause in LNG bill dropped
The Legislative Yuan’s Economics Committee yesterday decided to remove a controversial clause from a bill governing the liquefied natural gas (LNG) industry after legislators said it could lead to monopolies.
The clause, included in the original version of the bill drafted by the Cabinet, stated that only one LNG provider would be allowed in each region.
During a committee meeting held to review the bill, Democratic Progressive Party (DPP) Legislator Pan Meng-an (潘孟安) argued that the clause could lead to monopolies and undermine the interests of consumers.
The committee also adopted a proposal by Pan to forbid foreigners from being founding members, board members or supervisors of Taiwanese LNG companies.
Central bank sells certificates
The central bank yesterday sold NT$100 billion (US$3.2 billion) of 364-day certificates of deposit at an average interest rate of 0.704 percent at an auction, the central bank said in a statement.
The sale attracted bids for 3.81 times the amount of certificates on offer, the central bank said.
The monetary authority last sold 364-day certificates on April 6, at an interest rate of 0.745 percent. That offer garnered a bid-to-cover ratio of 3.33 times.
Cayman President accepts loan
Cayman President Holdings Ltd (開曼統一控股), a unit of Uni-President Enterprises Corp (統一企業), the nation’s largest food company, agreed to a US$200 million syndicated loan from a group of 15 banks.
Mega International Commercial Bank (兆豐國際商銀), Mizuho Corporate Bank and Taipei Fubon Bank (台北富邦銀行) led the lenders, Taipei-based Mega Bank said in an e-mailed statement yesterday.
Cayman President increased the five-year loan from a planned US$100 million after the banks offered to lend it a combined US$365 million, Mega Bank said.
NT dollar declines
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.149 to close at NT$31.749. Turnover was US$1.44 billion.
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