Taiwan Stocks: Largan, Novatek Microelectronics, Powertech

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 0.6 percent to 7,862.27, snapping three days of gains. The benchmark index increased 1.6 percent this week, a fifth consecutive weekly advance.

Largan Precision Co. (3008) (3008 TT) slid 6.9 percent to NT$638, the biggest drop since Nov. 24. The lensmaker’s rating was cut to “sell” from “buy” at Citigroup Inc. and lowered to “hold” from “buy” at Yuanta Securities Co.

Novatek Microelectronics Corp. (3034) (3034 TT) slumped 7 percent to NT$85.70, the biggest drop since May 26, 2009. The integrated circuit maker was cut to “hold” from “buy” at Deutsche Bank AG.

Powertech Technology Inc. (6239) (6239 TT), an integrated circuit maker, sank 6.9 percent to NT$75.20, the biggest loss since Aug. 5. The stock was cut to “sell” from “buy” at Citigroup and lowered to “neutral” at Credit Suisse Group AG.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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

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