FSC might prop up stock market: Koo

‘FLATTENED OUT’: The commission did not support the TAIEX yesterday, despite the stock market falling below 10,500 points, as the daily loss was considered small

Taipei Times
Date: Oct 09, 2018
By: Kao Shih-ching  /  Staff reporter, with CNA

As Taiwanese shares fell for the fifth consecutive session yesterday to close at their

Financial Supervisory Commission Chairman Wellington Koo answers questions at a meeting of the Finance Committee at the Legislative Yuan in Taipei yesterday.  Photo: Chien Jung-fong, Taipei Times

lowest level in eight months, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said the commission might take action to prop up the local market.

The TAIEX ended down 61.19 points, or 0.58 percent, at 10,455.93, the lowest level since Feb. 12, when the index hit 10,421.09 points, Taiwan Stock Exchange (TWSE) data showed.

Earlier yesterday, Koo told the Legislative Yuan’s Finance Committee that if the TAIEX fell below 10,500 points, the commission might take some measures to keep the stock market stable, such as encouraging private firms to buy back shares and hold investors’ conferences to assure shareholders.

The 10,500-point mark is considered psychologically important for investors, as the market tends to become volatile and bumpy whenever it falls below this level, Koo added.

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