Stabilization fund decides to withdraw from stock market (update)

Focus Taiwan
Date: 10/12/2020
By: Wu Chia-jung and Frances Huang

Taipei, Oct. 12 (CNA) The commission in charge of the National Stabilization Fund decided on Monday to pull the fund out of Taiwan's stock market as local share prices have rebounded from their lows in March when they were brought down by COVID-19 fears.

The commission said in a statement it made the decision at its quarterly meeting on Monday because the Taiwan Stock Exchange's benchmark weighted index, the Taiex, has made a strong comeback from its March lows to nearly reach the 13,000-point mark.

During the fund's presence in the stock market, the Taiex has risen 4,274.57 points, or 49.24 percent, from the low of 8,681.34 seen on March 19 to close at 12,955.91 on Monday.

The fund was authorized by the commission on March 19 to step in as Taiwan's stock market came under heavy downward pressure amid escalating fears over COVID-19, which was sending ripples through the global economy.    [FULL  STORY]

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