Bloomberg News

Taiwan Stocks Movers: Formosa International, Quanta, Powertech

December 16, 2011

Dec. 16 (Bloomberg) -- Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 10:42 a.m. in Taipei.

The Taiex Index fell less than 0.1 percent to 6,766.46. The benchmark is set to retreat 1.8 percent this week, a second consecutive loss.

First Steamship Co. (2601 TT) advanced 2.8 percent to NT$33.10. The company’s unit bought 8 million of New China Life Insurance Co.’s H-shares.

Formosa International Hotels Corp. (2707 TT) retreated 1.1 percent to NT$366, set for the lowest close since July 6, 2010. The company was cut to “neutral” from “buy” at Jih Sun Securities Ltd. by analyst Rita Hsueh.

Quanta Computer Inc. (2382 TT), which assembles Amazon.com Inc.’s Kindle Fire tablet computer, advanced 1 percent to NT$61.10, set for the highest close in a week. Amazon.com, the world’s largest online retailer, said customers have bought about 1 million of its Kindle e-book readers and tablets in each of the past three weeks, the most detailed sales numbers the company has released. The Kindle Fire has been the best-selling product on Amazon.com since its introduction 11 weeks ago, the Seattle-based company said in a statement.

Powertech Technology Inc. (6239 TT) lost 3.5 percent to NT$64.30, set for the lowest close since Nov. 25. The company offered to buy a controlling stake in Greatek Electronics Inc. (2441 TT) at a 26 percent premium above the stock’s closing price yesterday. Greatek surged 7 percent to NT$21.40.

--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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