TAIEX rallies as National Stabilization Fund kicks inCURBING THE DECLINE: An analyst said that the fund and other measures sent the message that ‘the government would do something’ to strengthen the marketBy Kao Shih-ching / Staff reporterThe TAIEX yesterday rallied 6.37 percent to 9,234.09 points after the government on Thursday pledged to activate the National Stabilization Fund. Turnover totaled NT$234.027 billion (US$7.72 billion), slightly down from NT$271.17 billion a day earlier, but higher than last month’s average of NT$146 billion, the data showed. A person wearing a mask yesterday walks past an electronic display board showing stock prices at a brokerage firm in Taipei. The measures included the central bank cutting rates by 25 basis points, the Financial Supervisory Commission’s ban on short-selling and the Ministry of Finance’s activation of the National Stabilization Fund, Chu said. The move would allow insurers to hold less capital when they increase investment in local stocks and thus ease the pressure of maintaining good capital adequacy, it said.
Source: Taipei Times March 20, 2020 15:56 UTC