TAIEX down 0.61%
The TAIEX closed down 0.61 percent yesterday amid lingering fears that a rising New Taiwan dollar against the US dollar will erode the bottom line of the -export--oriented electronics sector, dealers said.
The TAIEX fell 50.86 points to 8,293.90, after moving between 8,273.47 and 8,398.30, on turnover of NT$126.56 billion (US$4.16 billion).
The market opened 0.60 percent higher on a technical rebound from the previous session and moved to the day’s high before selling emerged to drag down mainly electronics stocks on global competitiveness concerns, the dealers said.
Sentiment turned more cautious ahead of a policy-making meeting of the US Federal Reserve Board scheduled to start later in the day.
A total of 3,026 stocks closed down and 1,125 were up, with 244 remaining unchanged.
Business councils to meet
A meeting between business councils in Taiwan and Singapore will take place on Monday after a five-year hiatus, the Taipei-based Chinese International Economic Cooperation Association (CIECA) announced on its Web site yesterday.
The meeting, the 10th of its kind, will take place in Singapore and will be hosted by the Singapore Business Federation (SBF), according to the Web site.
Douglas Hsu (徐旭東), Far Eastern Group (遠東集團) chairman and chairman of the CIECA’s Singapore Committee, will head the Taiwanese delegation, which will include 17 Taiwan-based business leaders and 40 Taiwanese business representatives based in Singapore, it said.
Peter Seah (佘林發), chairman of DBS Group Holdings and DBS Bank, will head the Singapore delegation in discussions on -bilateral cooperation, according to the CIECA.
Farglory wins Mubadala contract
Farglory Land Development Co (遠雄建設) has won a US$1 billion contract from Mubadala Development Co, an Abu Dhabi government investment unit, Janus Lee (李柏熹), a public relations manager at the Taipei-based developer said by telephone yesterday.
The project, which is part of the Sowwah Island development, will include high-end residential homes, office buildings, six-star hotels and shopping malls, Lee said. Construction is expected to start in the third quarter of next year and is due to be completed in 2016, he said.
Tatung seeks NT$4 billion loans
Tatung Co’s (大同) board approved a plan to seek between NT$2.5 billion and NT$4 billion of syndicated loans from a group led by Taishin International Bank Co (台新銀行), the Taipei-based company said in a statement to the Taiwan Stock Exchange yesterday.
The proceeds will be used to repay secured convertible bonds and to boost mid-term working capital, it said.
Asia Cement to sell bonds
Asia Cement Corp’s (亞泥) board approved plans to sell up to US$400 million of five-year unsecured overseas exchangeable bonds at zero coupon and US$200 million of five-year unsecured overseas convertible bonds at zero coupon, the Taipei-based company said in a statement to the Taiwan Stock Exchange on Tuesday.
The proceeds will be used to strengthen financial structure, for investments and boost working capital, it said.
NT dollar up slightly
The New Taiwan dollar rose against the US dollar yesterday, up NT$0.059 to close at NT$30.650.
Turnover totaled US$571 million during the trading session.
Dealers said the central bank again intervened in the foreign exchange in late trading.
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