Lawmakers accuse KMT of manipulating market

DPP lawmakers accused the KMT yesterday of manipulating the stock market for political reasons.

According to DPP Legislator Cho Jung-tai (卓榮泰), Grand Cathay Securities (大華證券), a brokerage with strong ties to the KMT, dumped 32 million shares of Taiwan Semiconductor Manufacturing Co (台積電) between Oct. 27 and Nov. 8.

"Why is Grand Cathay selling shares when the government funds and foreign investors are all buying them?" Cho said yesterday at a press conference.

DPP Legislator Tsai Huang-liang (蔡煌瑯) said the KMT should not attempt to harm the stock market by intentionally selling off massive amounts of shares.

"Such two-faced tactics -- complaining about the government's economic performance while purposefully dumping shares on the nation's bourse -- are exactly what is causing Taiwan's chaotic economic situation today," Tsai said.

DPP legislator Chen Chi-mai (陳其邁) yesterday said that the KMT should respect the market and not try to manipulate shares.