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FSC chairman still upbeat about Taiwan shares amid plunge

TAIPEI--The chairman of Taiwan's top financial regulator, the Financial Supervisory Commission, said Wednesday that he remains optimistic about the outlook of the Taiwan stock market, although the index plunged on the first trading session after the Lunar New Year holiday.

Tseng Ming-chung (曾銘宗) said the heavy losses on the Taiwan Stock Exchange (TWSE) were the result of steep declines in global equity markets, but as Taiwan is economically healthy, he has faith in the local market's movement for the rest of this year.

The weighted index on the TWSE fell 2.34 percent to close at 8,264.48 points. Market analysts attributed the decline to volatility in the global markets, in particular Wall Street.

Tseng said investors here should remain confident in the local bourse and should not judge the market outlook simply based on the movement of one single trading session.

He said that as the Taiwan's economy is expected to grow 3.2 percent in 2014 based on the Cabinet's national development goal, improving from a 2.19-percent increase recorded in 2013, the sound economic fundamentals could lend support to share prices in the local market.

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