Confidence in the nation’s stock market outlook weakened to the lowest level since the beginning of this year as local heavyweight electronics companies’ business outlook concerns this quarter weigh on investors, a by Cathay Financial Holding Co (國泰金控) survey showed yesterday.
The survey showed that 31.9 percent of respondents remained optimistic that the TAIEX might rally over the next six months, with 31.8 percent holding a pessimistic attitude on the index’s outlook.
A total of 56.7 percent of respondents said they would keep their holdings of equities and time deposits unchanged, while 22.3 percent prefer equity investments over time deposits and 22 percent expressed the contrary view.
The result reflected a decline in the financial holding company’s stock outlook index, which dropped to 0.1 this month from 1.8 last month. The index remains at a positive level, but hit itslowest level since the beginning of this year.
“Although the benchmark TAIEX briefly rallied to the 10,000-point level late last month, the weaker-than-expected outlook unveiled by various domestic electronics firms, on the impact of currency-exchange losses, dragged down the further development of the stock market,” Cathay Financial said in a statement.
Public confidence in the nation’s economic outlook has also showed a slight decline for this month from the prior month, the survey showed.
About 32.2 percent respondents remained optimistic that sentiment over the next six months would improve, with 15.6 percent pessimistic.
Another 34.5 percent did not expect any change in the economy over the next half of the year and 7.9 percent had no opinion, the survey showed.
Following clarification of the government’s planned property tax program, potential homebuyers have been more willing to complete transactions, with public willingness rebounding to the highest level in eight months, the statement said.
However, property holders have expressed the least willingness to sell their assets in nearly two years, an indication that house transactions may remain sluggish in the near future, the statement added.
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