Taiwan Stock Movers: Delta Electronics, Hon Hai Precision, HTC

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 retreated 272.01 points, or 3.6 percent, to 7,342.96, the lowest close since July 2, 2010. The measure has dropped 3.9 percent this week, a fourth weekly decline and the longest series of losses since October 2008.

Exporters: HTC Corp. (2498) (2498 TT), Asia’s second-biggest maker of smartphones that generated half of its 2010 revenue from America, sank 7 percent to NT$719, the biggest drop since Aug. 3, 2009. Hon Hai Precision Industry Co. (2317 TT), the world’s largest maker of electronics, fell 5.3 percent to NT$68, the lowest close since April 30, 2009. Citigroup Inc. cut its forecasts for U.S. growth after data yesterday showed jobless claims rose and Philadelphia-area manufacturing shrank by the most since 2009.

Delta Electronics Inc. (2308) (2308 TT), a maker of notebook computer power-supply packs, dropped 6.4 percent to NT$70.7, the lowest since June 2009. Delta plans to eliminate 10 percent of its workforce in China, or 6,000 workers, as a cost-cutting measure, Economic Daily News reported, citing Yancey Hai, chief executive officer of the company. Hai couldn’t be reached when called at his office in Taipei.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.