Taiwan Equity Movers: Acer, Cathay Financial, China Life, Sampo
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 rose 2.1 percent to 7,110.73, the highest close since Dec. 2. The benchmark jumped 4.8 percent this week.
Acer Inc. (2353) (2353 TT) rose 2 percent to NT$35 after the company said it doesn’t plan to exit tablet PC or smartphone markets.
Home Appliances and LED-related stocks: Sampo Corp. (1604) (1604 TT) jumped 7 percent to NT$8.57, the biggest gain since Feb. 15. Tatung Co. (2371) (2371 TT) added 3.1 percent to NT$7.76 and Everlight Electronics Co. (2393) (2393 TT) rose 1.3 percent to NT$54. Taiwan President Ma Ying-jeou said the government will widen a program giving subsidies for purchases of energy-saving home appliances and LED street lights.
Insurance-related Stocks: Cathay Financial Holding Co. (2882) (2882 TT) surged 6.9 percent to NT$33.30, the highest close since Nov. 15. China Life Insurance Co. (2823 TT) soared 6.8 percent to NT$25. Shin Kong Financial Holding Co. (2888) (2888 TT) jumped 6.6 percent to NT$8.83, the highest close since Nov. 16.
Taiwan’s financial regulator eased measures to allow life insurers to establish a mechanism for foreign-exchange hedging, according to a statement from the Financial Supervisory Commission. The TWSE Financial and Insurance Industry Index advanced 4.2 percent.
Inpag Technology Co. (6284) (6284 TT) rose 5.2 percent to NT$18.10, the highest close in a month, after announcing a plan to buy back 3 million shares from Dec. 23 to Feb. 22, 2012, at between NT$13 and NT$26 each.
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