Jan. 31 (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 1.5 percent to 7,517.08, the highest close since Nov. 14. The benchmark index has climbed 6.3 percent this month, the biggest gain in 13 months.
Foxconn Technology Co. (2354 TT) jumped 6.9 percent to NT$116, the highest close since Aug. 5, on speculation Apple Inc. may use metal casings for its next generation iPhone, benefiting the Taiwanese company.
“There’s talk that Apple is going to use metal for its new iPhone, so this will benefit companies like Foxconn,” said Dennis Chan, an analyst at Yuanta Securities Co. in Taipei. “That’s why it’s surging.” Cheng-Kuang Liu, spokesman for Taipei-based Foxconn Technology, declined to comment on the speculation.
Hiwin Technologies Corp. (2049 TT) surged 6.8 percent to NT$273.50, the second day it has risen by the daily limit after the Lunar New Year break, and the highest close since Nov. 18. Investors judged the valuation of the stock “cheap,” according to Ann Chang, an analyst at Jih Sun Securities Co.
“The fundamentals are still strong this year, with new orders, and stocks are cheap so investors are buying it,” Chang said in a telephone interview in Taipei. The company is trading at 13.8 times estimated profit, compared with the four-year average of 16.7, according to data compiled by Bloomberg.
HTC Corp. (2498 TT), the world’s largest maker of mobile phones using Google Inc.’s Android system, lost 1.5 percent to NT$485.50, the biggest drop since Jan. 10. The company must face a patent-infringement claim brought by IPCom GmbH in a U.S. court.
Pegatron Corp. (4938 TT) dropped 4.8 percent to NT$35.80, the biggest loss since Nov. 23. The electronics maker sold $300 million of zero-coupon convertible bonds due in 2017, according to a person familiar with the matter.
Siliconware Precision Industries Co. (2325 TT) increased 3.8 percent to NT$34, the highest close since July 7. The company was raised to “hold” from “sell” by Warren Lau, an analyst at Samsung Securities Co.
--Editor: Matthew Oakley
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