Bloomberg News

Taiwan Stocks: AU Optronics, China Steel, Nanya Technology

November 18, 2011

Nov. 18 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are at 10:30 a.m. local time in Taipei trading.

The Taiex Index fell 1.2 percent to 7,300.78, set for the lowest close since Oct. 21. The benchmark index is set to retreat 0.9 percent this week, a third week of losses.

AU Optronics Corp. (2409 TT) sank 3.4 percent to NT$14.15 and Chimei Innolux Corp. (3481 TT) lost 2.8 percent to 13.70. The two companies have asked suppliers to extend payment deadlines from 120 days to 150 days, the Commercial Times reported, citing officials it didn’t identify. Freda Lee, a spokeswoman for AU, said the company is reviewing payment terms with various suppliers. Loretta Chen, a spokeswoman for Chi Mei, wasn’t immediately available for comment at her office.

China Steel Corp. (2002 TT) dropped 1.4 percent to NT$28.10. Taiwan’s largest producer of the metal is in talks with BHP Billiton Ltd., Rio Tinto Group and Vale SA to delay or cut iron ore and coking coal deliveries as lower output reduces raw-material needs, an official said, declining to be identified, citing company policy.

Nanya Technology Corp. (2408 TT) surged 6.8 percent to NT$2.67. Nanya plans to cut production of computer-memory chips by 10 percent to 20 percent this quarter, the Taipei-based United Evening News reported, citing company spokesman Pai Pei- lin. Pai didn’t immediately answer calls to his office. Rival Powerchip Technology Corp. (5346 TT) jumped 5.4 percent to NT$1.57, set for the highest close since Oct. 21.

--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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