TAIEX falls 1%, tracking global boursesPANIC SELLOFFS: The local markets are susceptible to additional corrections in the near term, unless US and European bourses stabilize first, a securities analyst saidBy Crystal Hsu / Staff reporterThe TAIEX yesterday shed 130.84 points, or 1.02 percent, to close at 12,662.91, taking cues from global bourses overnight as France and Germany announced four-week lockdowns to contain rising COVID-19 cases. A man looks at an electronic stock board at a brokerage firm in Taipei yesterday. The TAIEX fell 1.02 percent to close at 12,662.91 points yesterday, as rising COVID-19 infections, and tougher lockdowns in Europe and the US added to worries about the economic hit from the pandemic. The National Stabilization Fund Committee on Oct. 12 pulled the NT$500 billion (US$17.29 billion) fund from the TAIEX, saying that it had achieved its goal of stabilizing the TAIEX, which had rebounded from March lows. Minister of Finance Su Jain-rong attends a meeting of the legislature’s Finance Committee in Taipei yesterday.

Source: Taipei Times October 29, 2020 15:56 UTC