Taiwan Stocks: Evergreen Marine, Formosa Petrochemical, Yulon

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 benchmark Taiex Index retreated 0.9 percent to 7,862.90, the lowest close since Feb. 10.

Evergreen Marine Corp. (2603) (2603 TT) lost 3.5 percent to NT$19.60, the biggest drop since Jan. 16. The operator of Asia’s No. 2 container-shipping line had a net loss of NT$3.36 billion ($114 million) in the three months ended Dec. 31, compared with net income of NT$3.49 billion a year earlier. The loss was wider than the NT$946 million average of four analysts’ estimates compiled by Bloomberg.

Formosa Petrochemical Corp. (6505) (6505 TT) gained 0.9 percent to NT$92.80. Taiwan’s government eased restrictions on CPC Corp.’s gasoline and diesel prices, allowing the state-run refiner to pass on higher crude costs, the Ministry of Economic Affairs said on its website. Formosa Petrochemical typically follows larger rival CPC’s price moves in competition for the domestic market.

Yulon Motor Co. (2201) (2201 TT) slumped 6 percent to NT$53. China Motor Corp. (2204) (2204 TT) slid 6.9 percent to NT$26.85. CPC has raised the benchmark gasoline price by 10 percent.

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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