Taiwan Stocks: Cathay Financial, Formosa Plastics, TSMC
The Taiex Index (TWSE) added 0.1 percent to 7,981.94.
Cathay Financial Holding Co. (2882) (2882 TT) dropped 1.2 percent to NT$33.80, the lowest since March 12. Taiwan’s largest listed financial services company was cut to “reduce” from “add’ at Fubon Securities Co.
Formosa Plastics Corp. (1301) (1301 TT) dropped 2 percent to NT$87.10, the lowest close since Feb. 13. The company reported full-year net income of NT$35.7 billion in 2011, less than the NT$38.6 billion average of analyst estimates.
Taiwan Semiconductor Manufacturing Co. (2330) (2330 TT) climbed 2 percent to NT$84.90, a record high. Taiwan’s economics ministry reported export orders rebounded in February, led by demand for electronics products.
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