Taiwanese Stocks: Cathay Financial, HTC, MStar Semiconductor
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 rose 94.52, or 1.1 percent, to 8,543.38.
Cathay Financial Holding Co. (2882 TT) gained 4.7 percent to NT$43.80, the biggest increase since Dec. 31. Conning & Co., the asset manager purchased by Aquiline Capital Partners LLC in 2009, will sell a 9.9 percent stake to Cathay Financial and form a venture with the Taiwan-based firm to expand its Asia business.
HTC Corp. (2498) (2498 TT), the world’s largest maker of mobile phones that use Google Inc.’s Android operating system, dropped 4.9 percent to NT$989, the lowest close since March 15. There’s speculation the Taoyuan, Taiwan-based company’s second-quarter handset shipments may be at 11 million, compared with Deutsche Bank AG’s estimate for 11.8 million, according to a sales note from the brokerage. Maggie Cheng, a spokeswoman for HTC, didn’t immediately respond to calls to her office and mobile phones.
MStar Semiconductor Inc. (3697 TT) advanced 4.4 percent to NT$165, the most since June 1, after the company said in an exchange statement all its product operations “continue to have stable growth.”
Pegatron Corp. (4938) (4938 TT) advanced 0.5 percent to NT$29.30 and Inventec Corp. (2356 TT) increased 1.7 percent to NT$15.05. The two contract makers may get orders from Samsung Electronics Co. to produce its notebooks, the Economic Daily News reported, without saying where it got the information from. Samsung was producing at maximum capacity after raising output targets, the newspaper said, without citing anyone. Pegatron Chief Financial Officer Charles Lin and Inventec CFO Alex Hsu weren’t in their offices for comment.
To contact the reporter on this story: Weiyi Lim in Singapore at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org.