Taiwan Stocks: Compal Communications, Sino-American, Tatung
Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 1:30 p.m. close in Taipei.
The Taiex Index fell 32.67 points, or 0.4 percent, to 8,500.16.
Tourism-related stocks: China Airlines Ltd. (2610) (2610 TT), Taiwan’s largest carrier, gained 3.7 percent to NT$19.75, the highest close since Feb. 16. EVA Airways Corp. (2618) (2618 TT), the second-biggest, advanced 0.7 percent to NT$29.20, the highest close since June 2. Formosa International Hotels Corp. (2707) (2707 TT) increased 1.1 percent to NT$552.
Taiwan will allow individual Chinese visitors to travel to the island tomorrow, the first time in more than six decades.
Solar-related shares: Gigasolar Materials Corp. (3691 TT) surged by the 7 percent daily limit to NT$615, the biggest advance since Nov. 25. The company told analysts on June 24 revenue will improve in June and July from May, said Charlie Yeh, an analyst at President Securities Corp. Sino-American Silicon Products Inc. (5483) (5483 TT) jumped 6.1 percent to NT$95.30. Motech Industries Inc. (6244) (6244 TT) climbed 5.3 percent to NT$19, the highest close since April 28.
“The company told the analysts during their company visit about the better revenue and this led to speculation that the solar energy industry had reached a bottom,” Yeh said in a telephone interview in Taipei. Gigasolar Chairman Chen Chi-jen didn’t answer calls to his office.
Compal Communications Inc. (8078) (8078 TT) surged 6.9 percent to NT$31.10, the highest close since March 8. Goldman Sachs Group Inc. raised the handset maker’s stock rating to “buy” from “sell,” saying the company is the “best” contract maker partner for Nokia OYJ. Nokia’s platform transition will drive a “significant turnaround” in Compal’s earnings from the fourth quarter, Goldman said.
Silitech Technology Corp. (3311) (3311 TT) retreated 1.3 percent to NT$67.60, the lowest close since July 9, 2009, after the maker of phone components was cut to “sell” from “neutral” at Goldman Sachs.
Tatung Co. (2371 TT) jumped 6.7 percent to NT$12.70, the biggest advance since Dec. 1, after the China Times reported on June 25, citing Chairman W.S. Lin as saying he aims for stock price to exceed NT$80 when the company reaches its 100th year anniversary. The company was established in 1918. Lung-chieh Wang, spokesman for the company, wasn’t immediately available at his office and didn’t reply to messages.
To contact the reporter on this story: Weiyi Lim in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com.