TAIEX closes down 0.38 percent
The benchmark TAIEX closed down 0.38 percent yesterday after investors went bargain-hunting to help recoup some of the market’s early losses amid political tensions on the Korean Peninsula, dealers said.
The TAIEX fell 31.58 points to 8,297.05, after moving between 8,277.33 and 8,337.19, on turnover of NT$93.14 billion (US$3.05 billion).
The index opened down 0.62 percent at the day’s low as investors took their cue from a tumble on Wall Street overnight.
A total of 2,768 stocks closed down and 970 finished up, while 334 remained unchanged.
Xingye Copper to list TDRs
Xingye Copper International Group Ltd (興業銅業), a China-based precision copper producer, plans to list Taiwan depositary receipts (TDRs) on the main board, the Taiwan Stock Exchange (TWSE, 台灣證交所) said yesterday.
Underwriter KGI Securities Co (凱基證券) has submitted an application for approval of the listing with the TWSE on behalf of Xingye, the exchange said.
According to the company’s prospectus, Xingye is planning to issue up to 65 million TDRs, each of which will represent two common shares of the company, which has been listed in Hong Kong since December 2007.
Xingye aims to raise about NT$1.10 billion from the listing and use the proceeds to purchase machinery and equipment for the production and manufacturing of copper strips.
Xingye currently operates manufacturing lines in Cixi, Zhejiang Province, and Yingtan, Jiangxi Province, with annual output of 120,000 tonnes of copper and copper-based alloy plates and strips.
Wintek secures loan windfall
Wintek Corp (勝華) received NT$6.5 billion and US$180 million loans from a group of 23 banks led by Bank of Taiwan (臺灣銀行), the Taichung-based company said in a statement to the Taiwan Stock Exchange yesterday. The proceeds will be used to repay borrowings and improve working capital, Wintek said in the statement.
Ta Chong Bank to sign deal
Ta Chong Bank Co (大眾銀行) said its board approved a plan to sign a memorandum of understanding for financial cooperation with East West Bank (China) Ltd (華美銀行), according to a statement to the Taiwan Stock Exchange yesterday.
The agreement with the Shanghai-based counterpart needs approval from the Financial Supervisory Commission, Ta Chong said.
Parkway to survey Taiwan
Parkway Holdings Ltd (百匯康護控股), the largest private healthcare services provider in Singapore, will survey Taiwan’s market for possible investments, the Council for Economic Planning and Development (CEPD) said yesterday.
Parkway, which operates 16 hospitals with more than 3,000 beds in Asia, plans to send a team to Taiwan next month to assess potential opportunities, the council said.
In addition to Parkway, two other Singaporean medical equipment companies and several other biotech firms also inquired about Taiwanese partners for possible Taiwan investments, the council said.
NT falls against greenback
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.001 to close at NT$30.800.
Turnover totaled US$817 million during the trading session.
In late trade, Taiwan’s central bank pumped additional funds into the market to shore up the US dollar and boost the currency above Tuesday’s closing level, dealers said.
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