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Local bourse can only go up: TSE chairman

The China Post news staff--The local bourse is unlikely to get worse as it has already hit the bottom, the chairman of the Taiwan Stock Exchange (TSE) was cited as saying yesterday.

Trade volume in the local bourse has shrunk faster than in markets of neighboring countries, a sign that Taiwan's stock market has reached the bottom and will not go further down, TSE Chairman Schive Chi was reported as saying.

The fundamentals are most important for a market, and if the fundamentals are sound, the capital market will rebound when the economy improves, Chi was cited by the United Evening News as saying.

Trading in the local bourse shrank below NT$70 billion for three days following the government's decision that investors must contribute extra premiums to the National Health Insurance (NHI) program from their stock dividends.

Asked to comment on the NHI's new premium scheme, Chi said there may be some kind of impact on the stock market, but such contributions must be made or the government will run into financial difficulties, according to the paper.

Meanwhile, Chen Yuh-chang, chairman of the Financial Supervisory Commission, told lawmakers that there is no evidence that the NHI's new scheme has had a direct impact on the stock market.

The sluggish local bourse has been affected by global economic instability, he said.

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