Bloomberg News

Taiwan Stocks: Acer, Nan Kang Rubber Tire, Powerchip Technology

November 29, 2011

Nov. 29 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are at 9:31 a.m. local time in Taipei.

The Taiex Index rose 0.6 percent to 6,939.58, set for the highest close since Nov. 22.

Acer Inc. (2353 TT) climbed 1.8 percent to NT$33.30, a fourth day of gains. The computer maker cut its inventory to 20 days to 30 days from as much as 80 days, spokesman Henry Wang said by phone today, confirming comments made by Vice President Scott Lin.

Nan Kang Rubber Tire Co. (2101 TT) increased 1.8 percent to NT$44.45. The board approved a plan to buy back 11 million shares, or 1.53 percent of outstanding shares, at between NT$42 and NT$48 each from tomorrow till Jan. 27, the company said in a statement to the Taiwan stock exchange.

Powerchip Technology Corp. (5346 TT) advanced 2.5 percent to NT$1.23. The chipmaker seeks to sell one of its factories to satisfy creditors’ requests as part of discussions to extend loan payments, Eric Tang, a spokesman for the Hsinchu, Taiwan- based company said by phone today.

--Editor: Shiyin Chen

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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