Taiwan Stocks: Catcher, Foxconn Technology, Phison Electronics

Stocks of the following companies had unusual price changes in Taipei trading. Stock symbols are in parentheses, and shares are as of the last close.

Taiwan’s Taiex Index rose 127.91, or 1.5 percent, to 8,727.56, the third day of gains.

Foxconn Technology Corp. (2354 TT), a supplier of metal casings for Apple notebook computers, gained 6.1 percent to NT$112.50, leading Apple Inc.-related shares higher on speculation the U.S. company will unveil a new version of its iPad tablet computer tomorrow at an event in San Francisco, said Jeff Pu, an analyst at Fubon Securities Co.

Hon Hai Precision Industry Co. (2317 TT), an assembler for Apple products, climbed 4.6 percent to NT$114, the biggest advance since Sept. 13. Wintek Corp. (2384 TT), a supplier of displays to Apple, increased 0.5 percent to NT$57.40, the highest since Dec. 14.

Jill Tan, a spokeswoman for Apple, declined to provide further information on the event when contacted by mobile phone in Hong Kong.

Catcher Technology Co. (2474 TT) jumped by the 6.9 percent daily limit to NT$132.5, the highest since Jan. 4, 2008, after 2010 net income exceeded analysts’ expectations. The company said 2010 net income was NT$4.4 billion, 14 percent higher than an estimate of NT$3.9 billion by 24 analysts compiled by Bloomberg.

Chinatrust Financial Holding Co. (2891 TT) increased 1.9 percent to NT$23.65, the most since Feb. 18. The board of Taiwan’s fourth-largest listed financial services company has approved a draft agreement on cooperation with China Development Bank Corp., the Taipei-based company said in a statement to the Taiwan Stock Exchange.

Pixart Imaging Inc. (3227 TT) surged 7 percent to NT$115, the most since Dec. 7, 2009, rebounding from a drop of as much a 31 percent this year, on speculation declines were excessive, said Julian Wang an analyst at Grand Cathay Investment Service Co. The shares gained for a second day after the 14-day relative strength index, measuring how rapidly prices advanced or declined during the specified time period, fell to 20.17 on Feb. 24. Some investors see a reading of 30 of less as a signal to buy.

Phison Electronics Corp. (8299 TT) soared 7 percent to NT$200, the most since Aug. 28, 2009, on speculation NAND flash chip prices will rise, said Andrew Chen, an analyst at Yuanta Securities Co. “Apple Inc. may be unveiling its iPad tomorrow and they use a lot of NAND flash chips,” said Chen by telephone in Taipei. “This boosts expectations prices for NAND flash chips will rise with increased demand.”

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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

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