Taiwan Stocks: First Financial, Taiwan Semiconductor, Wintek
Taiwan’s Taiex Index rose 65.66, or 0.8 percent, to 8,585.77 at the 1:30 p.m. close in Taipei trading, completing a fourth day of gains.
Financial companies: First Financial Holding Co. (2892 TT) surged 4.6 percent to NT$22.80, the highest close since Aug. 29, 2008. Chang Hwa Commercial Bank (2801 TT) advanced 3.2 percent to NT$22.35, the highest since June 18, 2008. Hua Nan Financial Holdings Co. (2880 TT) climbed 4.8 percent to NT$22, the highest since June 1, 2009. Consumer banks may boost earnings next year, Credit Suisse analysts including Chung Hsu wrote in a report today, adding that sentiment may improve “in coming weeks” with China branch openings and cross-strait talks.
Taiwan Semiconductor Manufacturing Co. (2330 TT) increased 2.5 percent to NT$66.20, the highest since June 6, 2008. The world’s largest contract manufacturer of chips expects first- quarter sales to be stronger than the seasonal average, Chairman Morris Chang said in Taipei yesterday. Sales in the first three months of 2011 may range from a drop of 5 percent to unchanged from the fourth quarter, Chang said. Sales usually decline over the period after peaking in the fourth quarter, he said.
Wintek Corp. (2384 TT) advanced 1.5 percent to NT$55, the highest since Oct. 12. The touch panel maker’s November revenue rose to NT$8.85 billion ($292 million) from NT$8.25 billion in October, the company said in a statement to the Taiwan Stock Exchange yesterday.
Wistron Corp. (3231 TT) dropped 1.8 percent to NT$60.40. The laptop maker’s board approved a plan to sell up to 60 million new shares through a secondary public offering, and no more than 150 million new shares in an issue of global depositary receipts, according to a statement e-mailed by the company yesterday. The board also approved a plan to invest as much as $100 million to set up a facility in Chengdu, China, the statement said.
To contact the reporter on this story: Weiyi Lim in Taipei at Wlim26@bloomberg.net
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