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TAIEX likely to hit 9,000 points soon: finance minister

TAIEX likely to hit 9,000 points soon: finance minister

Taipei, March 14 (CNA) Finance Minister Chang Sheng-ford said Friday he remains confident that the Taiwan Stock Exchange weighted index (TAIEX) will challenge the 9,000-point hurdle soon. Noting that the weighted index on the main board is now hovering around 8,700 points, Chang said it is likely to reach 9,000 points in the near future. As of 11:54 a.m. Friday, the weighted index had dropped 0.63 percent to 8,692.53 points on turnover of NT$58.99 billion (US$1.95 billion) as investors locked in their gains from the previous session. The selling was triggered by volatility of the global equity markets amid heightened concerns over the political situation in Ukraine, dealers said. However, the local bourse appeared resilient compared with Wall Street, which fell 1.41 percent overnight, they said. A move by Russia to stage military drills near its border with Ukraine has raised tensions in the region ahead of a March 16 referendum in Crimea to decide whether to break away from Ukraine and come under Russian rule. On the question of whether the National Stabilization Fund would be activated in response to the Ukraine crisis, Chang said there is no need at the moment. He said that while the geopolitical situation is being watched closely, Taiwan's stock market is still stable so it is not the right time to activate the fund, which is designed to reduce the impact of negative non-economic factors on the local bourse. Investors in Taiwan still have faith in the local market, based on its performance, Chang said. (By Wang Ching-yi and Frances Huang)


Updated : 2021-07-25 14:14 GMT+08:00