Taiwan Stocks: Altek, Hon Hai, Pihsiang Machinery Manufacturing

Taiwan’s Taiex Index was little changed at 8,740.43 at the 1:30 p.m. close of Taipei trading.

Altek Corp. (3059 TT) gained 4.5 percent to NT$45.05, the biggest advance since Aug. 16. The Taiwan camera-maker’s board approved a plan to buy back 5 million shares, or 1.29 percent of total outstanding shares, the company said in a statement to the exchange yesterday. Altek plans to buy back the stock at between NT$36 and NT$50 apiece from Dec. 14 to Feb. 12.

Hon Hai Precision Industry Co. (2317 TT) increased 2.2 percent to NT$115, the highest since Nov. 22, amid speculation it will form a solar venture with GCL Poly Energy Holdings Ltd., according to a note from Mirae Asset Securities Co. Edmund Ding, spokesman for Hon Hai, didn’t answer calls made to his mobile phone. Tong Yee Ming, chief financial officer at Hong Kong-based GCL, wasn’t immediately available for comment at his office.

Pihsiang Machinery Manufacturing Co. (1729 TT) rose 1.7 percent to NT$48.20, the highest since Oct. 28. The company’s board approved plans to buy back 2 million shares, or a 1.06 percent stake, the company said in a statement to the stock exchange yesterday. It plans to buy back shares for between NT$33.18 and NT$69.48 each from Dec. 14 to Feb. 13, according to the statement.

To contact the reporter on this story: Weiyi Lim in Taipei at Wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.