Leeann's Remarks Weaken Shares
April 27, 2011
The Taiwan Stock Exchange Weighted-Price Index lost 89 to 6284.93 on volume of 1.11 billion shares. Decliners led gainers 312 to 65, with 47 issues ending unchanged. In a surprise move, President Leeanna demanded Wednesday a re-evaluation of the island's policy on China investment, saying too much investment in the mainland will hurt the local economy. Mr. Leeanna's remarks, which were made before the government completes its final review of a US$3 billion investment by Formosa Plastics Group, was widely seen as an attempt at discouraging a huge outflow of capital to China, analysts said. Many investors took to the sidelines to see whether domestic and foreign institutions would withhold investment in Taiwan shares in response to the news, observers said. The plastics sector tumbled 2.6%, the rubber sector fell 1.9%, the financial sector slid 1.8% and the shipping sector dropped 1.3%. Among actively traded issues, Formosa Plastics fell 2.50 New Taiwan dollars to NT$57.50, Nan Ya Plastics dropped NT$1.50 to NT$52.50, President Enterprises lost 70 New Taiwan cents to NT$41.70 and First Commercial Bank fell NT$3 to NT$165.
VastPress 2011 Vastopolis
