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Mitsubishi UFJ Financial Group, Inc. Message Board

  • bluecheese4u bluecheese4u Jan 8, 2008 12:45 AM Flag

    financials lead on hopes for more China investments

    financials lead on hopes for more China investments

    01.07.08, 11:02 PM ET
    TAIPEI (XFN-ASIA) - Share prices were firmer at midmorning, led by financials, after a report that the Taiwan government may allow financial holding companies to invest in Chinese banks via subsidiaries in Hong Kong.
    At 11.08 am, the weighted index was up 110.12 points or 1.40 pct at 7,993.28, after trading in a range between 7,895.78 and 8,010.09.
    Turnover was 72.91 bln twd.
    The financials led the market broadly higher even though the Mainland Affairs Council, which oversees Taipei's policy toward Beijing, said it was unaware of any discussions about allowing Taiwan financial companies to invest in Chinese banks via the Hong Kong route.
    'The reported possibility of easing the rules governing the activities of financial companies on the mainland boosted expectations of a further relaxation of cross-strait investment restrictions,' said an analyst with a domestic securities house.
    'That and hopes for another cut in US interest rates persuaded investors to hunt for bargains after yesterday's tumble.'
    The weighted index fell 4 pct yesterday but the analyst said the market had been over-sold, paving the way for this morning's technical rebound.
    However, uncertainty about the outcome of parliamentary elections on Saturday -- and what hints they may give about the outcome of the March presidential election -- is likely to keep investors cautious this week.
    'A narrow-band consolidation is likely to be the scenario before Saturday's election outcome,' the analyst said.
    Transport was up 4.90 pct, steel rallied 3.58 pct, cement advanced 3.44 pct, financials rose 3.28 pct and electronics added 0.08 pct.
    Advancers led decliners 1,227 to 655, with 391 stocks unchanged.
    Fifteen stocks were limit-up, while 27 were limit-down.
    Fubon Financial Holding Co jumped 1.60 twd or 5.50 pct to 30.70 on speculation that it will be the first group to benefit from a relaxation of the rules governing Taiwanese investment in Chinese banks.
    Formosa Plastics rose 3.40 twd or 3.84 pct to 91.90 and Nan Ya Plastics rose 2.40 twd or 2.94 pct to 84.10 on robust December sales.
    MediaTek fell 15.50 twd or 4.54 pct to 326.00 in the wake of December sales declines.
    Among other stocks in focus, High Tech Computer was limit-up 35.00 twd or 7 pct at 538.00, Evergreen Marine was limit-up 1.95 twd or 7 pct at 30.50, and China Steel jumped 1.75 twd or 4.09 pct to 44.55.
    (1 usd = 32.50 twd)

    http://www.forbes.com/markets/feeds/afx/2008/01/07/afx4504318.html

 
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