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Taiwan Equity Movers: Cathay Financial, Fubon Financial, SinoPac

Dec. 22 (Bloomberg) -- 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 was little changed at 6,966.35. The gauge has dropped 22 percent this year.

Financial shares: Cathay Financial Holding Co. (2882 TT) surged 4 percent to NT$31.15, the highest close since Dec. 12. Fubon Financial Holding Co. (2881 TT) gained 2.2 percent to NT$30.60. SinoPac Financial Holdings Co. (2890 TT) rallied 6.4 percent to NT$9.20, closing at the highest level since Dec. 5.

The TWSE Financial and Insurance Industry Index advanced 1.9 percent, rising for a second day after the Financial Supervisory Commission said it will let Chinese banks buy stakes in local lenders and financial holding companies from Jan. 2.

Chinatrust Financial Holding Co. (2891 TT) jumped 4.9 percent to NT$18.35. Chinatrust Commercial Bank sold NT$880 million ($29 million) of loan assets to China Development Industrial Bank, parent Chinatrust Financial said in a statement to the Taiwan stock exchange yesterday. China Development Industrial is a subsidiary of China Development Financial Holding Corp. (2883 TT). Shares of China Development Financial added 1.6 percent to NT$8.20.

To contact the reporter on this story: Adela Lin in Taipei at alin95@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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