Bloomberg News

Taiwan Equity Movers: Phison Electronics, Powertech, Shin Kong

March 02, 2012

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 benchmark Taiex Index gained 0.3 percent to 8,144.04, the highest close since Aug. 4. The market will trade tomorrow to compensate for a holiday earlier this week.

Phison Electronics Corp. (8299) (8299 TT), an integrated circuit maker, gained 3.6 percent to NT$247, the biggest advance since Feb. 13. The company’s share-price estimate was raised 47 percent to NT$250 at KGI Securities Co.

Powertech Technology Inc. (6239) (6239 TT) sank 6.4 percent to NT$58.70, the lowest close since June 23, 2009. Japan’s Elpida Corp. applied for bankruptcy this week. Powertech estimated it has NT$2 billion ($68 million) of net receivables from Elpida, according to a statement to the local stock exchange.

Shin Kong Financial Holding Co. (2888) (2888 TT) increased 1.5 percent to NT$10.15, the highest close since Feb. 15. The financial services company’s life insurance unit got a $100- million quota to invest as a Qualified Foreign Institutional Investor from China’s State Administration of Foreign Exchange, according to a Shin Kong statement to the Taiwan Stock Exchange.

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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