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Taiwan Stocks: President Chain, Taiwan Mobile, Wistron, Yageo

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June 23 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the 1:30 p.m. close in Taipei.

The Taiex Index fell 53.76, or 0.6 percent, to 8,567.28.

President Chain Store Corp. (2912 TT) gained 4.5 percent to NT$161.50, the biggest advance since May 24, after the company’s shareholders approved a plan to issue a cash dividend of NT$4.90 for 2010.

Taiwan Mobile Co. (3045 TT) dropped 3.1 percent to NT$82.10, the biggest decline since July 5, after Citigroup Inc. cut the company to “hold” from “buy,” citing the stock’s “stretched” valuations.

Wistron Corp. (3231 TT) lost 4 percent to NT$50.10, the lowest close since May 25, after the Taipei Times cited Chairman Simon Lin as saying the laptop industry may not be “optimistic” in the second half. Henry Lin, a spokesman for the company, didn’t answer calls to his office.

Yageo Corp. (2327 TT) sank 6.9 percent to NT$12.75, the lowest close since Oct. 21. Taiwan’s Investment Commission rejected a NT$46.8 billion ($1.6 billion) KKR & Co.-backed takeover of the electronic-parts maker, Fan Liang-tung, executive secretary of the commission at the Ministry of Economic Affairs, said yesterday.

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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