Taiwan Stocks: Advanced Semi, Hon Hai Precision, Merry

Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the 1:30 p.m. close.

The Taiex Index rose 47.60, or 0.6 percent, to 8,780.20.

Advanced Semiconductor Engineering Inc. (2311) (2311 TT) dropped 1.5 percent to NT$30.05, the lowest since Nov. 29. The chip packaging and testing company was cut to “hold” from “buy” at BNP Paribas, which said first-quarter sales and profit may post a “sharp fall” from the previous three months. The brokerage reduced its share-price forecast to NT$31.50 from NT$42.50, analyst Szeho Ng wrote in a report.

Hon Hai Precision Industry Co. (2317 TT), the flagship company of Foxconn Technology Group, advanced 1 percent to NT$106.50. Brazilian President Dilma Rousseff said Foxconn Technology may spend $12 billion over five to six years to expand production in the country, in what would be the Taiwanese company’s biggest investment overseas.

Merry Electronics Co. (2439 TT) jumped by the 7 percent daily limit to NT$48.15, the biggest advance since Oct. 6, 2009. The Economic Daily News reported it may get orders from Apple Inc., without saying where it got its information. Tseng Chin- tang, a spokesman for Merry, wasn’t immediately available to comment at his office.

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

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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