Taiwanese Stocks: Chingis, Pou Chen, Ruentex Industries, TSMC
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 Taiex Index (TWSE) rose 0.2 percent to 7,164.68, capping a 0.9 percent gain this week.
Chingis Technology Corp. (3408) (3408 TT) rose 3.4 percent to NT$16.95. Integrated Circuit Solution Inc. (ISSI US) offered to buy all of the 59.2 million shares in the company at NT$16.95 each, Chingis said in a statement yesterday.
Ruentex Industries Ltd. (2915) (2915 TT) gained 2.7 percent to NT$52.6. Ruentex Development Co. (9945 TT) added 1.9 percent to NT$48.9. Pou Chen Corp. (9904) (9904 TT) climbed 1.6 percent to NT$25.2. Nan Shan Life Insurance Co., which is owned by a venture formed by the three companies, got rights to use land in prime Xinyi district in Taipei for 50 years for NT$26.9 billion ($897.4 million), city government spokesman Edward Zhang said by phone yesterday.
Taiwan Semiconductor Manufacturing Co. (2330) (2330 TT), the world’s largest maker of custom chips, dropped 1 percent to NT$76.7. Chairman and Chief Executive Officer Morris Chang said yesterday revenue will “dip” in the fourth quarter because of growing inventories and a worsening economic outlook. Credit Suisse Group AG lowered TSMC’s earnings per-share estimate for 2012 by 4 percent to NT$6 and for next year by 5.3 percent to NT$6.25, Randy Abrams and Kevin Chen, analysts at Switzerland’s second-largest bank, wrote in a report.
--Zhang Shidong. Editor: Chan Tien Hin
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