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Taiwan: Stocks flat; CTBC Financial rallies on reported stake fight

Thursday, August 18, 2016 - 11:44
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[TAIPEI] Taiwan stocks stayed flat in cautious trading on Thursday, but CTBC Financial Holdings led banking shares higher on media reports a prominent investor is hoping to seize control of CTBC.

As of 0312 GMT, the main Taiex index was nearly unchanged at 9,118.47, after closing at 9,117.7 on Wednesday.

CTBC, parent of Taiwan's biggest credit card issuer, jumped as much as 7.4 per cent to its highest level in nearly a year.

Taiwanese investor Samuel Yin is hoping to seize CTBC's control in a move that could form the island's biggest holding company with combined assets of more than NT$8 trillion (S$342.8 billion), local media reported.

The electronics subindex sank 0.2 per cent, while the financials subindex gained 0.7 per cent.

The Taiwan dollar firmed NT$0.079 to NT$31.373 per US dollar.

REUTERS

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