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Stock prices down, but big producers unfazed by H5N2 outbreak

Stock prices down, but big producers unfazed by H5N2 outbreak

Taipei, March 5 (CNA) Taiwan's major chicken producers saw their stock prices tumble Monday but were confident that they would not be affected by an outbreak of the H5N2 avian flu virus that has resulted in the culling of some 60,000 chickens in the country. Share prices of Charoen Pokphand Enterprise (Taiwan) Co. and Great Wall Enterprise Co. opened down by the maximum allowable 7 percent amid the scare before recovering somewhat by the end of the day on the Taiwan Stock Exchange. Great Wall, the largest chicken provider in Taiwan, finished down 3.73 percent at NT$31.00 while Charoen Pokphand closed down 5.69 percent to NT$15.75 by the end of the session. A Charoen Pokphand spokesman said the outbreak would have little impact on the company's business because all of its meat products were produced under a strict quality control system. Great Wall was equally confident, saying that the H5N2 outbreak would have no impact on its business operations. The Council of Agriculture confirmed over the weekend that a highly pathogenic form of the H5N2 virus had infected two poultry farms in Taiwan and could lead to the suspension of Taiwan's exports of poultry meat, eggs and pet birds. Taiwan's exports of those items total NT$700 million (US$23.33 million) a year, a Bureau of Foreign Trade official estimated. In related news, Wang Chin-tien, chairman of the Poultry Association, Republic of China, called for calm in the face of the outbreak. He said Taiwan would emerge unscathed from the virus scare if consumers stay calm and have confidence in the government and local poultry producers. (By Chao Hsiao-hui, Lin Heng-li and Deborah Kuo)


Updated : 2020-12-01 13:14 GMT+08:00