HTC Falls as Stock Is ‘Overbought,’ Says President Capital
April 08, 2011, 12:53 AM EDTBy Weiyi Lim
April 8 (Bloomberg) -- HTC Corp., the world’s largest maker of handsets using Google Inc. and Microsoft Corp. operating systems, fell the most in a month in Taipei trading as it is “overbought,” said Wei-Hang Chen, an analyst at President Capital Management Corp.
The stock dropped 3.3 percent to NT$1,160 as of 12:18 p.m., set for the biggest decline since March 15. The shares had gained 33 percent this year as of yesterday’s close, driving the relative strength index to 70.6. The RSI measures how rapidly prices have advanced or declined during the specified time period. Some analysts see a reading of more than 70 as a signal to sell.
To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net
To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net
