Subscribe to Taoj by email

Enter your Email

The Taiwan weighted index closed virtually flat at 7842 on Tuesday. The index traded in a ~40 point range finally closing up 0.13%. In other asian market Shanghai Index closed at 3081 for a gain of 3.6%.

The French bank BNP Paribas SA pulled out of a three year joint venture with a Chinese securities firm. BNP Paribas transferred the companies share of Changjiang BNP Paribas Peregrine Securities Ltd. to China’s Changjiang Securities Co..

The list of debtors who owed more than 1 million NTD and has been unpaid for over a year have been published. The banks that disclosed debtors are The Chinese Bank (中華銀行), Taitung Business Bank(台東企銀) and the Enterprise Bank of Hualien (花蓮企銀). The debtors from three banks were released . One of the debtors, Chen You-Hou 陳由豪, is a fugitive that escaped to China.

The Taiwan weighted index finished up 78 points last week. last week was an up week as the index was up four out of five trading days.

The Swiss banking giant UBS AG is opening the first full service foreign brokerage firm in China. UBS AG has a with a full set of licenses to trade, underwrite securities, manage assets and publish research

In the US, we have another busy earnings week coming up. American Express Co., Ford Motor Co. and Microsoft Corp are all reporting.

Gas prices continue to fall in the US, having fell about US0.14 in the last two weeks. Oil futures have continued to fall, closing @ US$51.99 on friday, well below the record high of US$77.03 reached last summer.

Asian markets finished higher after a rough start. Most Asian markets were down at the open after Intel’s slide after the close of the US markets. Intel reported earnings that beat the street by a penny, but still fell on warnings that margins would be under pressure going forward.

The Taiwan weighted index opened 34 points down. The market rallied steadily and the Taiwan weighted index closed up half a percent at 7833.98, just 7.28 points off the high for the day.

The Rebar Group (力霸集團) scandal rolls on. Wang You-Theng (王又曾) borrowed 3,700萬 NTD ( US $1.1 Million ) from Idee 衣蝶 department stores before fleeing the country. The unnervingly close relationship between Asia Pacific Broadband Telecom Co (亞太固網) , which is part of the Rebar Group (力霸集團) , and the countries legislators, political parties and state controlled enterprises is coming to light. Several legislators and legislative aides had invested in bonds issued by the company.

The Taiwan weighted index varied between 7,780.65 and 7,831.20 on Tuesday. After opening slightly higher at 7,792.77, the market moved to 7831.20 by the mid morning. The rally did not last, and the market gave up most of the gain by noon. The market finally closed up 8.58 at 7,792.08.

Most Asian markets were higher on Tuesday, with Shanghai and Jakarta rising 0.94% and 1.34% respectivetly. The Nikkei was flat on speculation that the Bank of Japan could raise the overnight call rate target to 0.5 percent from 0.25.

The Rebar Group (力霸集團) scandal once again dominated the news. A a report from the cabinet that Wang You-Theng (王又曾) and his wife Wang Chin Shyh-Ying (王金世英) have fled to the US. The couple got on an airplane bound for San Francisco from Shanghai last Saturday.

The broader market opened higher yesterday, rising to 7,814. The market fell during the mid day below Friday’s close. The market did recover by 11am and traded flat the rest of the day to close at 7,783, up 22.79.

The US markets were closed on Monday for the Martin Luther King holiday. Asian markets followed the US lead from Friday and traded higher. The US markets re-open on Tuesday, in the midst of the Q4 earnings season.

The Rebar scandal rolls on with stocks associated with the Rebar Group (力霸集團) trading lower. Members of the Rebar group such as Asia Pacific Broadband 亞太固網 are also being investigated along with companies that had investments such as Mega Bank 兆豐金 2882.TW, Taiwan Railroad 台鐵, and China Steel中鋼集團.

Ad

Quotes

The document has moved +0.00
	0.00	+0.00

1969-12-31 19:00

Blogroll

• Bob's Blog
• Kyoshii
• OmegaT

RSS feed

 RSS feed