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Taiwan Stocks: Cathay Financial, Formosa Plastics, TSMC

Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are at the close in Taipei.

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.

To contact the reporter on this story: Tim Culpan in Taipei at tculpan1@bloomberg.net.

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

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