Shares follow Wall Street’s lead
The TAIEX closed up 0.68 percent yesterday following gains on Wall Street overnight, dealers said.
The weighted index rose 48.48 points to 7,153.13 on turnover of NT$137.02 billion (US$4.16 billion).
The market opened higher as investors took their cue from Wall Street’s rise, which came on hopes of improving jobs data, dealers said.
Interest in large cap electronic stocks helped the broader market fend off profit taking, dealers said.
“The market is optimistic about the high-tech sector’s earnings in the upcoming peak season. The global demand seems to have picked up,” Taiwan International Securities (金鼎證券) analyst Arch Shih (施博元) said.
FX reserves increase
The nation’s foreign exchange reserves climbed to another new high of US$325.42 billion last month, US$4.32 billion higher than the preceding month, the central bank said yesterday.
Lin Sun-yuan (林孫源), the director-general of the central bank’s department of foreign exchange, said the agency’s foreign exchange reserves management skills partly accounted for the increase.
He said the rising value of the euro, the yen and other major currencies against the greenback also made a contribution as the central bank held part of the reserves in those currencies.
The latest gain did not alter Taiwan’s ranking in foreign exchange reserves next to China, Japan and Russia.
Meanwhile, the New Taiwan dollar yesterday gained slightly to close at NT$32.905 against the greenback on turnover of US$896 million.
Credit Suisse revises projection
The Zurich-based financial services firm Credit Suisse revised upward yesterday its projections for the economy this year to a contraction of 3.4 percent, up from a contraction of 4.8 percent, on improved demand in Europe, the US and Japan.
For next year, the local economy is expected to grow 5.4 percent, up from a previously projected 4 percent, the company said.
A forecast released on Aug. 20 by the Directorate-General of Budget, Accounting and Statistics put Taiwan’s projected economic decline for this year at 4.04 percent, slightly better than the previously predicted figure of 4.25 percent.
iPhone3GS out next week
The nation’s biggest phone company, Chunghwa Telecom Co (中華電信), yesterday said Apple Inc’s new iPhone, called iPhone3GS, would be available at its 300 outlets nationwide via its handset retailing subsidiary Senao International Co (神腦國際) and in Apple stores on Tuesday.
The telecoms operator hopes to sell more than 50,000 units in the first three months.
CPC lowers fuel prices
CPC Corp, Taiwan (CPC, 台灣中油) has lowered both its gasoline and diesel prices by NT$0.4, effective today.
Rival Formosa Petrochemical Corp (台塑石化) also decided to follow suit.
After the adjustment, CPC’s price for 1 liter of 98-octane unleaded gasoline is NT$30.8. The price of 95-octane unleaded gasoline is NT$29.3, and 92-octane unleaded gasoline costs NT$28.6 per liter. Diesel costs NT$26.1 per liter.
CPC also announced that it would maintain its favorable rates in regions devastated by Typhoon Morakot.
The state-run oil refinery has lowered oil and diesel prices by NT$0.4 and NT$0.5 respectively for moderately affected regions and by NT$2.5 and NT$1.5 for severely damaged areas.
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