Consumer confidence rose to its highest level in more than six years as investors have become more bullish about the stock market after the Economic Cooperation Framework Agreement (ECFA) with China took effect earlier this month, the latest survey released by National Central University said.
The headline index rose 0.45 points to 80.14 from last month’s 78.68, which was the first time the reading has exceeded 80 since February in 2004, the university’s Research Center for Taiwan Economic Development said in the report.
Center director Hsu Chih-chiang (徐之強) attributed the increase mainly to a pick-up of 3.1 points in the sub-index for equities investment in the near future, which posted the largest growth of all the categories making up the main index.
“The ECFA might have boosted investors’ confidence and the better-than-expected Asian recovery prompted hot money to enter Taiwanese and Asian stock and foreign exchange markets,” Hsu said by telephone.
Public confidence about job opportunities in the next six months also remained strong, as the employment outlook sub-index rose 1.65 points from last month to 85.3, the highest level since May in 2005, the report said.
Nevertheless, the public felt less confident about purchasing durable goods over the next half year because of rocketing property prices, with its sub-index dropping 0.8 points to 89.8.
“This is because consumers expected the central bank to raise its policy rates on Thursday, which made them think it was not the best time to invest in durable goods, such as houses in the near future,” Hsu said.
Public sentiment toward the future of the economy also declined to 82 points, down from last month’s 82.35, which was in line with the government’s prediction that economic growth will slow in the second half of this year, Hsu said.
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