Taiwan stocks inch up; Farglory dampens real estate sector

Mon Jun 2, 2014 10:51pm EDT

Related Topics

TAIPEI, June 3 (Reuters) - Taiwan stocks edged up 0.1
percent on Tuesday, with real estate developer Farglory
Construction weighing on property stocks following
media reports its chairman is being investigated by prosecutors
for alleged corruption.
    Shares of Farglory, among the island's major real estate
developers, plunged by the daily limit of 7 percent and dragged
down the property sector index by 1.4 percent. 
    Its chairman Chao Teng-hsiung allegedly offered bribes to
the deputy governor of Taoyuan county in connection with a land
development project in the county, local media reported.
    Farglory officials could not be immediately reached by
Reuters for comment.
    By 0212 GMT, the main TAIEX index was nearly flat at
9,081.88 points, hovering at a 40-month closing high seen last
week. The market was closed Monday for a public holiday.
    Tech shares jumped 0.4 percent. Computex, the
world's No.2 computer trade show, kicked off on Tuesday. Many
global names, including Intel and Microsoft, are slated to
feature their latest products or technology.
    The Taiwan dollar was up 0.106 percent to stand at
T$30.018 against the U.S. dollar.

 (Reporting by Faith Hung; Editing by Jacqueline Wong)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.