Thu, May 25, 2000 - Page 17 News List

Market fall prompts government action

STAFF WRITER , WITH BLOOMBERG

A three-day decline in share prices has worried the new administration, raising the possibility of policies being implemented to combat the problem.

Taiwan's four major state-owned pension and insurance funds have been mobilized to help stem a fall in Taiwan's benchmark index, with the funds buying a net value of NT$16 billion in shares over three straight days, with most activity centered on blue-chip shares in the electronics and other sectors.

However, bearish sentiment both locally and abroad has meant the government funds have so far been unable to stop the market from falling.

In addition, the concerns prompted Taiwan's Securities & Futures Commission (SFC, 證期會) to urge mutual fund companies and securities firms' trading departments not to sell shares.

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