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Taiwan Equity Movers: Catcher, Powertech, Rexchip Electronics

March 1 (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 benchmark Taiex Index lost less than 0.1 percent to 8,118.34.

Catcher Technology Co. (2474 TT) gained 3.7 percent to NT$223.50, the highest close since Sept. 13. Citigroup Inc. raised its 2012 earnings estimates for Catcher by 5 percent, on new products that will be rolled out in the second quarter, according to a report today. The bank raised its share-price estimate 34 percent to NT$266 and kept the stock at “buy.”

Powertech Technology Inc. (6239 TT) slumped 7 percent to NT$62.70, the second day the company sank by its daily limit. The stock was cut to “sell” from “neutral” at SinoPac Securities Corp. The company has NT$4.5 billion in accounts receivable from Japan’s Elpida Memory Inc., which filed for bankruptcy.

Rexchip Electronics Corp. (4932 TT) rallied 6.7 percent to NT$7.80. Powerchip Technology Corp. will help Rexchip sell its products, Powerchip Chairman Frank Huang said in a briefing yesterday. Rexchip, a venture of Elpida Memory Inc., which filed for bankruptcy, sank 31 percent 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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