Taiwan Stocks: Ambassador, Farglory Land, Formosa Petrochemical

Jan. 16 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are at the close in Taipei.

The Taiex Index fell 1.1 percent to 7,103.62, the biggest decline in two weeks.

China-related shares: Ambassador Hotel Ltd. (2704 TT) gained 0.9 percent to NT$33.30. China Airlines Ltd. (2610 TT) advanced 2.1 percent to NT$14.30. Bank Julius Baer & Co., which oversees about $205 billion in client assets, is re-evaluating its “underweight” rating on Taiwanese equities and may buy airlines and hotel companies, Lee Boon Keng, head of the firm’s investment solutions group in Singapore, said by phone yesterday.

Property shares: Farglory Land Development Co. (5522 TT), the largest construction company in Taiwan, gained 1.2 percent to NT$50.80. Cathay Real Estate Development Co. (2501 TT) advanced 1.5 percent to NT$10.25.

Taiwan property stocks are poised for a short-term rally after President Ma Ying-jeu’s re-election because the opposition Democratic Progressive Party may have taken steps to lower real-estate prices had it won power, Citigroup Inc. said.

Formosa Petrochemical Corp. (6505 TT) lost 3.9 percent to NT$89.80, the biggest retreat since Sept. 22, after UBS AG cut the oil refiner to “sell” from “neutral.”

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