Taiwan Stocks: Evergreen Marine, Formosa Petrochemical, Yulon
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.
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