Taiwan Equity Movers: Cathay Financial, Gigabyte, Hon Hai, HTC
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 rose 303.84 points, or 4.6 percent, to 6,966.48, the biggest gain since May 4, 2009.
Cathay Financial Holding Co. (2882) (2882 TT) surged 7 percent to NT$29.95, the biggest jump since Oct. 31, 2008. Fubon Financial Holding Co. (2881) (2881 TT) soared 7 percent to NT$29.95, the largest rally since May 6, 2009. The Financial Supervisory Commission will let Chinese banks buy stakes in local banks and financial holding companies starting Jan. 2, according to a statement from the island’s top financial regulator yesterday. The TWSE Financial and Insurance Industry Index advanced 6.7 percent, the biggest gain since May 4, 2009.
Gigabyte Technology Co. (2376) (2376 TT) rose 6.9 percent to NT$21.05, the largest jump since Oct. 29, 2009. The company plans to buy back 20 million common shares, or 3.14 percent of outstanding stock, from the open market, according to a company statement to the Taiwan stock exchange today. It will repurchase shares at prices between NT$13.79 and NT$32.33 each from Dec. 22 to Feb. 21, 2012, the company said.
Hon Hai Precision Industry Co. (2317) (2317 TT) advanced 5.8 percent to NT$82.50 and Taiwan Semiconductor Manufacturing Co. (2330) (2330 TT) rose 4.4 percent to NT$76. Taiwan’s government will let its National Stabilization Fund buy stocks to support the local markets when necessary, Vice Premier Sean Chen announced yesterday.
HTC Corp. (2498) (2498 TT), Asia’s second-biggest maker of smartphones, surged 6.9 percent to NT$509. It has already completed a technical workaround to skirt a U.S. agency ruling that found a user interface in some handsets infringed an Apple Inc. patent. “It’s actually quite rarely used,” HTC Chief Executive Officer Peter Chou said of the feature today.
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