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Panic sell-off drives Taiwan stocks to fall below the 4,200 mark

 A pedestrian passes a Taiwan stock market monitor outside of a brokerage house as stocks take big hits Thursday, Oct. 23, 2008, in Taipei, Taiwan. Th...

Taiwan Markets

A pedestrian passes a Taiwan stock market monitor outside of a brokerage house as stocks take big hits Thursday, Oct. 23, 2008, in Taipei, Taiwan. Th...

TAIPEI (Taiwan News) - The Taiwan Stock Exchanges gave up support at 4,200 points in early trading, temporarily testing at a five-year low as of noon. Given the US stocks fluctuated and pull back by the close, the losing streak seen in the Taiwan stock market was expected.

Corporate bodies predicted that sharp sell-off pressures are inevitable for weeks as the 7 percent limit-down has been reverted beginning yesterday. Some analysts said that the Financial Supervisory Commission's 3.5 percent downward limit over the past two weeks only delayed rather than stop the stock price decline. As a result, they believe the stock shares will extend their losses to“make up for the losses which should have occurred during the past two trading weeks while the 3.5 percent limit-down was activated.“

Even the government's measure to allow the National Stabilization Fund to continue intervening in the market to keep it from falling too precipitously, shares in the Taiwan stock markets still suffer a major decline as predicted by the global forecast for plummeting Asian markets.

by Taiwan News, Website Editorial Staff


Updated : 2021-05-10 01:49 GMT+08:00