Bloomberg News

Taiwan Stocks: Cathay Financial, Cando, China Steel, Quanta

November 23, 2011

Nov. 23 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are at 9:28 a.m. local time in Taipei trading.

The Taiex Index fell 0.9 percent to 6,937.34, set for the lowest close since Sept. 26 and the fourth day of losses.

Cathay Financial Holding Co. (2882 TT) dropped 1.8 percent to 30.15. The financial service company’s life insurance unit may buy $300 million worth of Chow Tai Fook shares in the retailer’s initial public offering in Hong Kong, Oriental Daily News said today, citing unidentified people.

Cando Corp. (8056 TT) advanced 1.1 percent to NT$6.70. The company plans to invest $19 million to set up a unit in Xiamen, China to make touch panel-related products, the Taiwan-based company said in a statement to the local stock exchange yesterday.

China Steel Corp. (2002 TT) declined 1.3 percent to NT$27.30. The island’s largest maker of the metal may cut January and February prices for domestic customers, the Taipei- based Commercial Times reported, without saying where it got the information. Hung Jui-pen, a public relations officer, declined to confirm the report and said prices will be announced tomorrow.

Quanta Computer Inc. (2382 TT) sank 4.1 percent to NT$56.30, set for the biggest drop since Sept. 23. The world’s largest laptop maker is rated “reduce” in new coverage at BNP Paribas SA. The market is overestimating the contribution from Amazon.com Inc.’s Kindle Fire and may not recognize Cloud computing as a growth driver, analyst Anson Tseng said in a note.

--Editor: Richard Frost

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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