Taiwan’s central bank said yesterday it would supply funds if necessary to make sure the nation’s stock market has enough liquidity, in yet another bid to clam public jitters over the market’s bearish performance.
“It is the central bank’s main duty to maintain financial stability,” the monetary regulator said in a statement. “We will supply any needed liquidity to ensure normal operations of the market.”
To that end, the central bank invited officials from eight local securities companies — including Yuanta Securities Finance Corp (元大京華證金公司), the securities financing subsidiary of Taiwan’s largest brokerage — for discussion on stock market liquidity.
Bank officials quoted the brokerages as saying later that the market did not suffer from any liquidity crunch and that they have ample funds for stock market operations, the statement said.
The bank assured the firms it would provide funds, if necessary, to ensure the market’s normal and smooth operations, it said.
The pep talk came after the local bourse dropped 22 percent from its high on May 19 amid a global economic slowdown caused by rising inflation, soaring oil prices and fallout from the US subprime mortgage crisis.
Government officials including President Ma Ying-jeou (馬英九), Premier Liu Chao-shiuan (劉兆玄), Minister of Finance Lee Sush-der (李述德) and others have made similar speeches over the past weeks in an attempt to restore investor confidence.
Investors have cut their margin holdings — stocks funded by borrowings — over the same period.
The net margin holdings on the TAIEX fell to 297 billion shares as of yesterday, the lowest level in almost five months and 20 percent below its peak of 369 billion on May 22.
As share prices fall, investors may be required to pay cash to their bank or brokerage, termed a margin call, to cover the value of their borrowings.
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