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Taiwan Stocks: Novatek Microelectronics, ProMOS Technologies

Aug. 8 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 1:30 p.m. close in Taipei.

The Taiex Index fell 300.33 points, or 3.8 percent, to 7,552.80. It dropped 13 percent in the past five sessions, the biggest slump since September 2001.

Novatek Microelectronics Corp. (3034 TT) tumbled 6.8 percent to NT$65.50. The maker of chips used in liquid-crystal-displays had its rating lowered to “neutral” from “outperform” at Macquarie Group Ltd. and the share-price estimate cut 23 percent to NT$75.

ProMOS Technologies Inc. (5387 TT) slid 5.5 percent to NT$0.52. The chipmaker plans to cut memory-chip output to 20 percent from August to October because of low chip prices and the company’s weak financial position, the Apple Daily reported today, without saying where it got the information. Ben Tseng, spokesman for the company, wasn’t immediately available to comment at his office because he was overseas.

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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