Taiwan Stocks: AU Optronics, China Steel, Nanya Technology
Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the close in Taipei.
The Taiex Index fell 2.1 percent to 7,233.78, the lowest since Oct. 7. The gauge declined 1.8 percent this week.
AU Optronics Corp. (2409) (2409 TT) sank 6.1 percent to NT$13.75 and Chimei Innolux Corp. (3481) (3481 TT) lost 6 percent to NT$13.25. The two companies have asked suppliers to extend payment deadlines from 120 days to 150 days, the Commercial Times reported, citing officials it didn’t identify. Freda Lee, a spokeswoman for AU, said the company is reviewing payment terms with various suppliers. Loretta Chen, a spokeswoman for Chimei, wasn’t immediately available for comment at her office.
China Steel Corp. (2002) (2002 TT) dropped 1.8 percent to NT$28, the lowest since July 16, 2010. Taiwan’s largest producer of the metal is in talks with BHP Billiton Ltd., Rio Tinto Group and Vale SA to delay or cut iron ore and coking coal deliveries as lower output reduces raw-material needs, an official said, declining to be identified, citing company policy.
Nanya Technology Corp. (2408) (2408 TT) surged 6.8 percent to NT$2.67. The memory-chip maker sold 10.83 billion shares at NT$2.77 each in a private placement to group companies, according to a company statement to the Taiwan stock exchange. Nanya plans to cut production of computer-memory chips by 10 percent to 20 percent this quarter, the Taipei-based United Evening News reported, citing company spokesman Pai Pei-lin. Pai didn’t immediately answer calls to his office.
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