Taiwanese Stock Movers: AU Optronics, Chimei, HTC, MediaTek

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 in Taipei.

The Taiex Index rose 66.94 points, or 0.8 percent, to 8,597.62.

Flat-panel makers: Chimei Innolux Corp. (3481) (3481 TT) dropped 4.6 percent to NT$22.65, the lowest close since Dec. 30, 2008. Economic Daily News reported today Taiwan’s top flat-panel makers may cut their factory usage by 10 percent and ask workers to take annual leave, citing market speculation. Loreta Chen, a spokeswoman for Chimei, didn’t answer calls to her office and mobile phone.

AU Optronics Corp. (2409) (2409 TT) gained 2.3 percent to NT$19.90, reversing an earlier loss. Yawen Hsiao, spokeswoman for AU, said the company’s factory usage remained unchanged from the previous forecast and it hasn’t asked any workers to take leave.

Formosa International Hotels Corp. (2707) (2707 TT) advanced 3 percent to NT$542. The hotel operator was rated “overweight” in new coverage by Caren Huang, an analyst at JPMorgan Chase & Co. The brokerage has a 12-month share-price estimate of NT$650.

HTC Corp. (2498) (2498 TT), the world’s biggest maker of mobile phones that use Google Inc.’s Android operating system, increased 2.3 percent to NT$1,020. BNP Paribas SA reiterated its “buy” rating, saying its “positive outlook” will continue and that the company is gaining market share at the expense of Nokia OYJ and Research in Motion Ltd.

MediaTek Inc. (2454) (2454 TT), a chip designer, surged 5.8 percent to NT$312, the biggest increase since May 3, after the company said in a statement on its website yesterday its chips were used in smartphones sold in Latin America.

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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