Taiwan Stocks: Largan Precision, Neo Solar, Ruentex, Winbond
Stocks of the following companies had unusual price changes in Taipei trading. Stock symbols are in parentheses, and shares are as of the 1:30 p.m. close in Taipei trade.
Taiwan’s Taiex Index fell 63.85, or 0.7 percent, to 9,022.17. The gauge gained 1.8 percent in the past two days.
Largan Precision Co. (3008 TT), which makes camera lenses, slid 5.6 percent to NT$771, the most since Oct. 13, after reporting fourth-quarter net income that missed analyst estimates, according to data compiled by Bloomberg. Macquarie Group Ltd. cut its 2010 earnings-per-share forecast by 6 percent to reflect the results, the brokerage said in a report today.
Neo Solar Power Corp. (3576 TT) dropped 3.2 percent to NT$75.10, the most since Nov. 8. The solar-cell maker’s board approved a plan to raise funds overseas or in the domestic market to expand production, boost working capital and repay bank loans, the company said in an exchange statement yesterday.
Ruentex Industries Ltd. (2915 TT), a textile maker, increased 4.3 percent to NT$73, because the stock was “oversold,” said Jerry Lu, an analyst at SinoPac Financial Holdings Co. Ruentex’s shares slumped about a fifth this year to yesterday, when the stock’s 14-day relative strength index settled at 26. Some analysts see a reading of less than 30 on a stock’s RSI, which measures how rapidly prices have advanced or declined during the specified time period, a signal to buy.
Winbond Electronics Corp. (2344 TT), a chipmaker, advanced 2.9 percent to NT$10.50, the highest since Nov. 2, 2007. Prices of “niche” computer memory chips may continue rising, boosting the company’s profitability, said Sun Xinming, an analyst at IBT Securities Co.
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