TAIEX down 0.83 percent
The TAIEX closed down 0.83 percent yesterday after a plunge on Wall Street overnight amid concerns over the global economy.
However, the downside was limited as bargain hunting emerged, recouping some of the earlier losses, dealers said.
The index fell 65.24 points to 7,829.79, after moving between 7,776.66 and 7,837.38 on turnover of NT$115.54 billion (US$3.63 billion). The market opened down 1.34 percent in reaction to a 2.5 percent dive of the Dow Jones Industrial Average overnight, with selling focusing on the high tech sector based on lingering fears of slower demand, dealers said.
However, after the index fell below the technical support level of 7,800 points, some buying emerged to take advantage of the low valuation of the broader market after recent losses, they said.
A total of 2,119 stocks closed down and 1,471 up, while 270 remained unchanged.
Guaranteed deposits raised
The Financial Supervisory Commission yesterday raised the limit to the amount of savings deposits that are guaranteed should a bank fail to NT$3 million from NT$1.5 million, starting Jan. 1 of next year.
The change came as the full guarantee, due to expire at the end of this year, is no longer merited after the nation’s banking sector emerged unscathed from the global financial crisis, the commission said in a statement.
The sector’s bad loan and coverage ratios stood at 0.91 percent and 113.38 percent respectively at the end of June, showing no need for liquidity, the commission said.
Creative center deal signed
A consortium led by Yuen Foong Yu Paper Manufacturing Co Ltd (永豐餘) and Yuan-Liou Publishing Co (遠流出版) signed a deal with the Council for Cultural Affairs on Wednesday to run a build, operate, transfer project for the Hua Shan Creative Park (華山創意文化園區)’s Flagship Center.
The consortium plans to fund NT$1.5 billion (US$47 million) within three years to build the Taipei flagship center, which is earmarked by the council as the strategic venue for Taiwan’s cultural and creativity activities.
The new center will span 10 stories and occupy 10,000 pings (33,000m2), and focus on promoting Taiwan’s brands, local productions and performances.
Sinopac allies with ICBC
SinoPac Securities Co (永豐金證券) said yesterday it has signed an agreement with ICBC International Holdings Ltd (工銀國際控股), which is 100 percent owned by the Industrial and Commercial Bank of China Ltd (中國工商銀行), to set up a strategic alliance for future business cooperation.
SinoPac became the first Taiwanese securities company to team up with a Chinese financial institution to boost its international business.
ICBC International, which is based in Hong Kong, is ICBC’s only investment banking arm outside China and has more than 20,000 customers.
The two partners will cooperate in businesses ranging from mergers and acquisitions to business information exchanges.
AU Optronics fighting charges
AU Optronics Corp (友達光電) will defend itself against charges of alleged price fixing filed by Florida, Illinois, and other US states, according to a company filing with the Taiwan Stock Exchange yesterday.
The LCD maker said it has hired legal counsel for the case.
NT dollar falls NT$0.11
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.11 to close at NT$31.990. Turnover was US$778 million during the trading session.
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