Hon Hai shares rise after Q3 results, gains capped
November 1, 2012, 1:09 am TWN
TAIPEI -- Shares of Hon Hai Precision Industry Co. moved higher in heavy trade Wednesday, outperforming the broader market, with buying triggered by a leap in the company's nonconsolidated earnings for the third quarter, dealers said.
However, the gains were capped by profit-taking by the end of the session amid lingering concerns over global economic uncertainty, they said.
Shares of Hon Hai, which assembles iPhones and iPads for Apple Inc., rose 0.80 percent to NT$88.70 (US$3.03), off an early high of NT$91.0 on the Taiwan Stock Exchange, with 88.36 million shares changing hands. The benchmark weighted index was down 0.23 percent at 7,166.05 points.
"The third-quarter results helped Hon Hai shares extend momentum from the previous session, while it seemed that the stock faced some technical resistance ahead of the NT$90-NT$91 range," MasterLink Securities analyst Tom Tang said.
Hon Hai posted NT$30.26 billion in non-consolidated net profit in the third quarter a day earlier, up almost 140 percent from the second quarter.