Wed, Apr 17, 2013 - Page 13 News List

Asustek shares stage technical rebound

Staff writer, with CNA

Asustek Computer Inc (華碩) shares rose 3.87 percent to close at NT$322 yesterday on a technical rebound from a fall of 9.88 percent in the previous two trading sessions.

The rise also came after Asustek, the world’s No. 5 PC vendor, on Monday released an optimistic sales forecast ahead of the Spring Computer Fair which is being held from today to Sunday in Taipei.

Asustek said it expects notebook sales at the five-day show to increase by more than 20 percent and its tablet computer sales to double compared with last year.

“Asustek shares staged a rebound from heavy selling, in particular from foreign institutional investors, seen in the past two sessions,” Mirae Asset Management analyst Arch Shih (施博元) said.

“Investors simply seized on the company’s upbeat sales forecast ahead of the trade show as a reason to pick up a bargain during trading,” Shih said.

Asustek shares had fallen 9.88 percent in the previous two trading sessions after International Data Corp (IDC) said worldwide PC shipments in the first quarter fell 13.9 percent from a year earlier to 76.29 million units.

The 13.9 percent plunge was the steepest quarterly decline since IDC first started to track the global PC market on a quarterly basis in 1994.

Shih said because concerns over the PC market’s outlook still remain, Asustek shares are expected to move in a narrow range.

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