Bloomberg News

Taiwan Stocks: Asustek, CMC Magnetics, Formosa Chemicals

October 04, 2011

Oct. 4 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 1:30 p.m. close in Taipei.

The Taiex Index rose 33.90 points, or 0.5 percent, to 7,047.87, the best-performing among Asia’s major markets. The gauge dropped 16 percent in the third quarter, the most since the three months ended Dec. 31, 2008.

Asustek Computer Inc. (2357 TT) slumped 5.6 percent to NT$203, the lowest close since April 25. The computer maker was cut to “hold” from “buy” at Deutsche Bank AG by equity analyst Kc Kao, with a 12-month price estimate of NT$255.

CMC Magnetics Corp. (2323 TT), the maker of digital storage media, surged 7 percent to NT$6.12, the biggest advance since April 30, 2009, after the Economic Daily News cited Chairman Wong Ming-Sen as saying margins for its products could rise above 10 percent and the company may make a profit in the third quarter. Hsiao Yin-Yi, a spokesman for the company, didn’t immediately answer calls to his office.

Formosa Chemicals & Fibre Corp. (1326 TT) lost 0.8 percent to NT$77.60. The chemical producer reported a pretax profit of NT$7.56 billion, less than half the NT$16.1 billion average of eight estimates compiled by Bloomberg.

--Editor: Matthew Oakley

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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