TAIEX closes little changed
Taiwanese shares closed little changed yesterday as profit-taking compromised early gains following Wall Street’s overnight rally, dealers said.
The weighted index rose 5.95 points or 0.09 percent to 6,463.56 on turnover of NTS$106.98 billion (US$3.24 billion).
Gainers led losers by 1,128 to 994, with 197 stocks unchanged.
The market opened up 0.9 percent after a Wall Street rally, with the momentum pushing the index past 6,500, dealers said.
However, profit-taking followed immediately and selling appeared obvious in late trade with the electronic sector in focus, they said.
Shareholders approve proposal
The nation’s biggest computer memory chipmaker, Powerchip Semiconductor Corp (力晶半導體), said yesterday that shareholders had approved the proposal to revise terms on its US$158 million convertible bonds due on June 17.
To redeem the bonds, Powerchip offered to pay 40 percent of each US$1000 in bond by cash and to pay the rest by bonds at NT$5.25 per share. The chipmaker said on Thursday that 95.4 percent of the bond holders had agreed to the new terms.
Powerchip reiterated its previous forecast that the price of computer memory chips would rebound to US$1.5 per unit in the next quarter after chipmakers cut output.
Dell posts wrong prices
Dell Inc posted incorrect prices for products sold on its Taiwanese Web site on Thursday.
It has since corrected the prices, the company said in a statement yesterday.
The mispriced products include liquid-crystal-display (LCD) monitors. Dell offered its 19-inch LCD monitor for NT$500 (US$15) instead of NT$7,500, Network Magazine reported yesterday, citing a screen shot from Dell’s Web site.
FSC signs new MMOU
The Financial Supervisory Commission (FSC) has signed a new multilateral memorandum of understanding (MMOU) compiled by the International Association of Insurance Supervisors, making Taiwan one of the world’s first signatories to the MMOU, the FSC announced yesterday.
The MMOU offers a framework for cooperation and the exchange of information and setting up of a confidentiality mechanism. It is the first time the FSC has signed an MMOU with an international organization and the move is expected to increase Taiwan’s visibility and presence on the international stage, the FSC said.
Bawang gains retail orders
Chinese herbal shampoo maker Bawang International Group (霸王國際集團) gained nearly US$9 billion in retail orders for its initial public offering in Hong Kong, reports said yesterday, amid signs of renewed investor confidence.
The strong response was likely to lead Bawang, which is based in Guangzhou, to price its shares at or close to the maximum price of HK$2.38, the South China Morning Post said, citing unnamed sources.
Mainland share markets are resuming IPOs after a nine-month moratorium, with a small drug maker — Guilin Sanjin Pharmaceutical Co (桂林三金藥業) — due to debut on Monday on the Shenzhen stock exchange.
NT dollar ends week on a high
The New Taiwan dollar rose yesterday, strengthening in tandem with currencies and shares across Asia’s developing nations, as signs the global financial crisis is easing bolstered demand for emerging-market assets.
The NT dollar rose NT$0.045 to close at NT$32.925 on turnover of US$647 million, Taipei Forex Inc said.
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