By: Tsai Yi-chu and Frances Huang
Taipei, Nay 3 (CNA) A move to cut the transaction tax for day trading in the local equity market has boosted trading volume in a better-than-expected way, Financial Supervisory Commission (FSC) Chairman Lee Ruey-tsang (李瑞倉) said Wednesday.
Lee said that after the tax cut became effective on April 28, the average combined daily turnover on the local main board and the over-the-counter market (OTC) rose to NT$133.78 billion (US$4.46 billion) on April 28 and May 2 from an average of NT$116.84 billion seen during the April 1-27 period.
The local bourse was closed for a three-day Labor Day holiday after April 28 and trading resumed on May 2. [FULL STORY]