Taiwan Equity Movers: First Steamship, Taiwan Semiconductor, UMC
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 fell 2.7 percent to 7,106.09. The gauge gained 0.5 percent this week, the first advance in four weeks.
First Steamship Co. (2601) (2601 TT), a shipping company, retreated 3.6 percent to NT$38.90, the most since May 24. The board approved a plan for its unit to invest as much as $35 million to buy shares in China Everbright Bank Co.
Taiwan Semiconductor Manufacturing Co. (2330) (2330 TT), the world’s largest custom maker of chips, slumped 6.1 percent to NT$79.90, the biggest drop since Jan. 8, 2009. Jefferies Group Inc. cut the stock to underperform, the equivalent of sell, saying the weaker economic outlook has brought on the risk of order cuts. Goldman Sachs Group Inc. lowered the stock to neutral from buy.
United Microelectronics Corp. (2303) (2303 TT), the world’s second-biggest custom maker of chips, retreated 4.2 percent to NT$12.55. The company’s stock rating was cut to sell from neutral at Goldman Sachs.
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