Bloomberg News

Taiwan Stocks: Cathay Financial, Formosa Petrochemical, Hiwin

November 04, 2011

Nov. 4 (Bloomberg) -- 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 1.9 percent to 7,603.23, the biggest rise since Oct. 24. The benchmark index dropped 0.2 percent this week.

Cathay Financial Holding Co. (2882 TT) gained 2 percent to NT$33.90, the biggest advance since Oct. 28. Cathay United Bank Co. received regulatory approval to set up an insurance unit in Shanghai and a bank branch in Phnom Penh, the Taiwan-based Financial Supervisory Commission said in a statement on its website.

Farglory Land Development Co. (5522 TT) increased 2.4 percent to NT$52.30, set for the highest close since Sept. 22. Farglory Group, owner of Taiwan’s biggest developer, said its offshore operations will account for more than half of its sales within a decade as it expands, and plans to list an overseas real-estate joint venture by 2015.

Formosa Petrochemical Corp. (6505 TT) climbed 2.9 percent to NT$97.50, the highest close since Aug. 1. The oil refiner said October sales gained 36 percent from a year earlier to NT$69 billion ($2.3 billion).

Hiwin Technologies Corp. (2049 TT) surged 6.2 percent to NT$282, the highest close since Sept. 9. The ball-bearing maker said October sales jumped 64 percent to NT$1.4 billion from a year earlier.

TPK Holding Co. (3673 TT) retreated 3.6 percent to NT$483, the lowest close since Nov. 9, 2010, after October sales dropped 32 percent from a month earlier.

--Editor: Matthew Oakley

To contact the reporter on this story: Weiyi Lim in Singapore at

To contact the editor responsible for this story: Darren Boey at

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