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April 26, 2017

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Stabilization fund can enter stock market anytime: Chang

Taiwan's National Stabilization Fund can enter the stock market anytime, said Chang Sheng-ford, head of the Ministry of Finance, yesterday.

He made the remarks while responding to lawmakers, who asked whether the fund should enter now as trade volume has hit a low.

Chang said that the fund is charged with stabilizing the market when it experiences sharp declines due to non-economic factors.

"Yet a low trade volume is also a concern that we need to watch out for," he said.

In local stocks, the TAIEX declined 6.62 points to 7,464.6, on trade volume of NT$67.432 billion.

Separately, the New Taiwan dollar again rose sharply in morning trade yesterday, on what seemed to be an inflow of hot money, before losing steam in the afternoon to close at NT$29.246, up NT$0.043 against the U.S. dollar.

Currencies rose across Asia yesterday after stocks in the region gave an early-day rally on upbeat sentiment in overnight trading in the United States and Europe, traders said.

Of note, the Chinese yuan at one point hit 6.2353 against the U.S. dollar, the highest since China linked government and market exchange rates together back in 1993. At 9:40 a.m., the yuan, also known as the renminbi, rose 0.15 percent to 6.2543.

The New Taiwan dollar opened at NT$29.289 and had strengthened past Tuesday's high of NT$29.17 to NT$29.14, the highest since May 2. It stood at NT$29.167 at noontime, rising NT$0.122 from Tuesday.

In the afternoon, the local currency lost traction a bit and closed at NT$29.246, rising NT$0.043, on trade volume of US$765 million.

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