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Taiex drops 49.32 points yesterday, but gains 3.8 percent for the week

Taiex drops 49.32 points yesterday, but gains 3.8 percent for the week

Taiwan's Taiex index declined 49.32 points, or 0.6 percent, to close at 8,412.76 points yesterday in Taipei. The measure rose 3.8 percent this week, the third weekly gain in a row.
Cathay Financial Holdings Co. fell NT$3, or 3.6 percent, to NT$80 after the Economic Daily News said Taiwan life insurers may face declines in the value of their overseas assets after foreign currencies depreciated against the local dollar. Cathay's life insurance unit Cathay Life Insurance is the island's biggest.
The Taiwan dollar was set for the best month in more than nine years as growth attracts overseas investors to the island's assets.
Chunghwa Telecom Co., Taiwan's biggest phone company, added NT$1.40, or 1.8 percent, to NT$77.50 after its rating was raised to "outperform" at Macquarie Securities Ltd.
Compal Electronics Inc., the world's second-biggest maker of laptop computers for other companies including Dell Inc., declined NT$0.20, or 0.7 percent, to NT$28.30. Dell reported an unexpected drop in fourth-quarter profit after an expansion into retail failed to ignite sales.
Sinopac Financial Holdings Co. gained NT$0.30, or 2.3 percent, to NT$13.65. Morgan Stanley raised the stock's rating to "overweight" from "equalweight."
Yuanta Financial Holdings Co. dropped NT$0.35, or 1.2 percent, to NT$28.10 after Morgan Stanley cut the stock's rating to "equal-weight" from "overweight" and the 12-month target price to NT$27 from NT$28.20.
Yulon Motor Co. rose NT$1, or 0.2 percent, to NT$43.20 after selling part of its old factory in Taipei to High Tech Computer Corp. for NT$3.34 billion.


Updated : 2021-03-08 18:17 GMT+08:00