China Mobile, Manho, Posco, Philex: Asia Ex-Japan Stock Preview
The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Brockman Resources Ltd. (BRM) , Ferraus Ltd. (FRS) : Wah Nam International Holdings Ltd. (159) (159 HK) has extended the offer period in relation to its takeover bid for Brockman and Ferraus to April 15. Brockman rose 3.1 percent to A$6. Ferraus fell 2.3 percent to A$0.87. Wah Nam climbed 0.7 percent to HK$1.51.
China Merchants Bank Co. (600036 CH): The bank aims to set up a representative office in Taiwan in the second half of this year, President Ma Weihua said. The stock gained 1.4 percent to 14.22 yuan.
China Mobile Ltd. (941) (941 HK): The world’s biggest phone company by market value is seeking to expand overseas and is looking at opportunities globally, Chairman Wang Jianzhou said. China Mobile doesn’t have any “concrete” targets currently, he said. The stock advanced 1.2 percent to HK$74.60
Everlight Chemical Industrial Corp. (1711) (1711 TT): The Taiwanese manufacturer and seller of chemical products posted an 18 percent increase in sale in February to NT$408.5 million ($13.9 million) from a year earlier. The stock fell 2.3 percent to NT$31.55.
Korea Express Co. (000120): Posco (005490) (005490 KS) and Lotte Group submitted separate letters of intent to bid for a controlling stake in the country’s biggest logistics company, according to a stock-exchange filing and a company official. CJ Corp. (001040) (001040 KS) also submitted to bid for Korea Express, Edaily reported, citing company officials that it didn’t identify.
Korea Express increased 5.7 percent to 110,500 won. Posco, South Korea’s biggest steelmaker, rose 0.7 percent to 465,000 won. CJ, which declined to comment on the Edaily report, gained 1 percent to 72,300 won.
Manho Rope & Wire Co. (001080 KS): The South Korean manufacturer and seller of steel wires used in construction and heavy machinery plans to buy back 100,000 shares on the market in the next three months starting March 7 to help stabilize its stock price, according to a regulatory filing. The move would cost 1.57 billion won ($1.4 million), it said. The stock rose 0.6 percent to 15,800 won.
Philex Mining Corp. (PX) : The largest Philippine metals producer is budgeting 3 billion pesos ($69 million) for capital expenditures this year and is looking at other mines for growth, a stock-exchange filing showed. The stock rose 0.1 percent to 14.62 pesos.
Syntek Semiconductor Co. (5302 TT): The Taiwanese manufacturer and designer of integrated circuits posted a 7.9 percent drop in sales in February to NT$15.93 million from a year earlier, a stock-exchange filing showed. The stock advanced 0.5 percent to NT$10.85.
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