Taiwan suggests state-owned banks buy stocks as market falls - sources
05/13/2021 | 01:55am EDT
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TAIPEI (Reuters) - Taiwan s finance ministry has called state-owned banks to suggest they buy stocks amid steep falls on the island s stock market, three sources familiar with the matter told Reuters on Thursday.
The benchmark index fell as much as 8% on Wednesday and closed down more than 4% on fears about rising domestic COVID-19 infections in Taiwan, which has generally kept the pandemic well under control. The index closed down a further 1.5% on Thursday.
The sources, who spoke on condition of anonymity as they were not authorised to speak to the media, said the Finance Ministry had suggested they buy large-cap stocks to take advantage of their lower price, but also stocks in traditional industries.
Taiwan warns of rising COVID-19 risk, stocks tank theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
5/12/2021 4:30:43 AM GMT | By Anil Panchal
Asian shares keep the red as geopolitical fears, chip supply woes join pre-US CPI caution.
S&P 500 Futures drop for third consecutive day, commodities also weaken amid US dollar strength.
US inflation data will be watched amid concerns over Fed tapering.
Asian equities aptly justify the risk-aversion wave by dropping the most in a month during early Wednesday. The pre-US inflation anxiety seems the major concern for market bears. However, doubts over chip growth and Israel-Palestine tension are also in the line to weigh on sentiment.
Against this backdrop, MSCI’s index of Asia-Pacific shares outside Japan drops 1.43% while Japan’s Nikkei 225 marks 2.12% intraday loss ahead of Wednesday’s European session.
Wednesday, 12 May 2021 11:37 AM MYT
Customers wear protective masks to prevent the spread of the coronavirus disease (Covid-19) while shopping at a market in Taipei, Taiwan, January 10, 2021. Reuters pic
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TAIPEI, May 12 Taiwan may raise its Covid-19 alert level in the “coming days”, Health Minister Chen Shih-chung said on Wednesday, warning of an extremely serious situation on the island which has so far controlled the pandemic well, sending the stock market tanking.
On Tuesday, Taiwan announced plans to restrict public gatherings as a result of a cluster of six new cases with no clear infection source, an unusual outbreak for the island that had kept a tight lid on community outbreaks.
Taiwan country may spurt its COVID-19 alert level in the "coming days", Health Minister Chen Shih-Chung said on Wednesday, warning of an ext..|News Track