The TAIEX rose yesterday, led by Hua Nan Financial Holdings Co (華南金控), on a report the owner of the island's fifth-largest bank by assets expects earnings to surge more than two-thirds in the next five years.
The index gained 23.50, or 0.4 percent, to 5729.90, bringing its advance to 5.3 percent in the past four days. Within the index, about 13 stocks rose for every 10 that fell. The total value of trade was NT$68.4 billion (US$2 billion), more than two- fifths below the six-month daily average of NT$122.4 billion.
China Airlines Co (華航) fell by its daily limit after the fourth fatal crash in eight years brought the number of deaths on Taiwan's largest carrier to 699 since 1991, scaring customers away and raising insurance costs.
"Insurance costs will rise and passengers will lose confidence in flying China Airlines," said Li Fang-kuo, head of research at IBT Securities Co (台灣工銀證券), which manages more than NT$4 billion in stocks. "With all the financial pressure it's facing, its shares will plummet."
Hua Nan Financial Holdings gained NT$1.60, or 6.7 percent, to NT$25.50. TA newspaper reported the company expects earnings per share to rise 69 percent by 2007. China Airlines shed NT$1.10, or 6.8 percent, to NT$15.20.
The following stocks made significant gains or losses: AU Optronics Corp (友達光電) rose NT$1.10, or 2.5 percent, to NT$45.60. The world's third-largest flat-panel display maker raised $578.5 million from an overseas share sale.
Behavior Technology Computer Corp (英群) surged NT$2, or 6.9 percent, to NT$30.80. The computer equipment maker, which posted a loss in 2001, said its earnings outlook this year improved.
Chunghwa Picture Tubes Ltd (中華映管) rose NT$1.40, or 5.1 percent, to NT$28.70. Taiwan's second-largest flat-panel display maker plans to boost its domestic workforce by 6 percent in the next month as it expands production, Ettoday.com reported.
Chunghwa Telecom Co (中華電信) rose NT$1, or 2 percent, to NT$52. The government said it plans to sell 5.7 percent of the island's largest phone company for at least NT$27.9 billion.
Compeq Manufacturing Co (華通), Taiwan's largest printed-circuit-board maker, fell NT$3.50, or 6.3 percent, to NT$52. Spokesman S.C. Hung confirmed a report that Compeq will post its second quarterly loss in the three months ended June 30 because of technical problems with the production of a part used with Intel Corp.'s Pentium 4 processor.
Fubon Financial Holding Co (富邦金控) fell NT$0.30, or 0.9 percent, to NT$34.40. The financial firm, which owns Taiwan's largest non-life insurer and covered 17 percent of the insurance of the crashed China Airlines plane and some passengers, expects a loss of NT$96 million from the crash.
CLOSURES: Several forest recreation areas have been closed as a precaution, while some ferry and flight services have been suspended or rescheduled A land warning for Tropical Storm Danas was issued last night at 8:30pm, as the storm’s outer bands began bringing heavy rain to southeastern regions, including Hualien and Taitung counties, and the Hengchun Peninsula (恆春半島), according to the Central Weather Administration (CWA). As of 9:15pm, the storm was approximately 330km west-southwest of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, moving north-northeast at 10-20kph, the CWA reported. A sea warning had already been issued at 8:30am yesterday. The storm had maximum sustained winds near its center of 83kph, with gusts of up to 108kph, according to the CWA. As of 9:30pm last night, Kaohsiung, Tainan,
POWERFUL DETERRENT: Precision fire and dispersed deployment of units would allow Taiwanese artillery to inflict heavy casualties in an invasion, a researcher said The nation’s military has boosted its self-defense capability with the establishment of a new company equipped with the US-supplied High Mobility Artillery Rocket System (HIMARS). The company, part of the army’s 58th Artillery Command, is Taiwan’s first HIMARS unit. Minister of National Defense Wellington Koo (顧立雄), who presided over the formation ceremony in Taichung on Friday, called the unit a significant addition to the nation’s defensive strength, saying it would help deter adversaries from starting a war. The unit is made up of top-performing soldiers who received training in the US, according to the Ministry of National Defense. The HIMARS can be equipped with
Taiwan yesterday said it was looking forward to attending an upcoming memorial in Japan to mark the 80th anniversary of the atomic bombing of Nagasaki, a day after the Japanese city said it had retracted its previous decision to not invite Taiwan to the event. The case has been dealt with by Taiwan’s representative office in Fukuoka and the Nagasaki City Government, the Ministry of Foreign Affairs said. The ministry would decide who to send to the Aug. 9 event once it receives the invitation, it added. The ministry made the remarks following a Japanese media report on Saturday that said Nagasaki Mayor
UNILATERAL: The move from China’s aviation authority comes despite a previous 2015 agreement that any changes to flight paths would be done by consensus The Mainland Affairs Council (MAC) yesterday slammed Beijing for arbitrarily opening the M503 flight route’s W121 connecting path, saying that such unilateral conduct disrespected the consensus between both sides and could destabilize the Taiwan Strait and the wider region. The condemnation came after the Civil Aviation Administration of China (CAAC) earlier yesterday announced it “has activated the W121 connecting path of the M503 flight route,” meaning that west-to-east flights are now permitted along the path. The newly activated west-to-east route is intended to “alleviate the pressure caused by the increase of flights,” China’s state-run Xinhua news agency quoted China’s Taiwan Affairs Office
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