Taiwan Business Quick Take
TAIEX hits record high
The TAIEX yesterday rose more than 100 points as buying rotated to non-technology shares, in particular raw materials and shipping firms, with investors betting on a strong global economic recovery. Interest in old economy and financial shares offset the downturn suffered by large-cap electronics stocks such as contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電) and other semiconductor heavyweights, helping the benchmark index close at a record high, dealers said. The TAIEX closed up 104.47 points, or 0.61 percent, at 17,263.28 on turnover of NT$440.374 billion (US$15.61 billion). Foreign institutional investors bought a net NT$704 million of shares, Taiwan Stock Exchange data showed.
Shin Kong board approves planned NT$0.4 dividend
By Kao Shih-ching / Staff reporter
Shin Kong Financial Holding Co’s (新光金控) board of directors has approved a proposal to distribute a cash dividend of NT$0.4 per common share, flat from a year earlier, although the company’s net profit fell 27.43 percent annually to NT$14.39 billion (US$508.14 million) last year.
Given Shin Kong Financial’s earnings per share of NT$1.12 for last year and its share price of NT$8.29 on Friday, the proposed dividend suggests a payout ratio of 35.7 percent and a dividend yield of 4.82 percent.
The company’s shares closed up 0.24 percent at NT$8.31 in Taipei trading yesterday, the first day of trading after the 228 Peace Memorial Day long weekend.
Financial titans’ profits near NT$70bn
BULL MARKETS: Cathay Financial Holding attributed its strong results to subsidiary Cathay Life Insurance Co, saying that the life insurer’s net income rose 181 percent
By Kao Shih-ching / Staff reporter
The nation’s 15 financial conglomerates last week reported a combined net profit of NT$69.54 billion (US$2.45 billion) for last month, up 73 percent year-on-year, as companies with life insurance arms benefited from bull stock markets, corporate data showed.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial holding firm by assets, posted a record net profit of NT$21.7 billion, beating Fubon Financial Holding Co (富邦金控) to become the most profitable financial holding company, the companies’ data showed.
TAIEX down as investors sell shares in electronics taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.