The local bourse aims to boost daily turnover by between 5 percent and 10 percent to more than NT$100 billion (US$3 billion) this year on the back of economic improvements, despite light volume so far, Taiwan Stock Exchange Corp chairman Lee Sush-der (李述德) said yesterday.
Lee made the remarks at a public function where he attributed the TAIEX’s poor performance to weak sentiment amid a global selloff following China’s first-ever use of circuit breakers on its main exchanges.
Reasonable daily turnover should total between NT$130 billion and NT$150 billion, with the nation’s 1,800 listed firms having a collective capitalization of NT$7 trillion, the securities official said.
A 10 percent increase would raise turnover to NT$101.42 billion per day, compared with a daily average of NT$92.2 billion last year, Lee said.
“The goal should be achievable now that the legislature has scrapped the capital gains tax on stock investments and the economy is widely expected to improve,” Lee said.
Stock turnover increased slightly to NT$80.05 billion yesterday, compared with NT$76 billion on Monday.
Foreign investors have yet to return from New Year holidays, with the market expected to become more vigorous when they rejoin, Lee said.
Starting next month, the stock exchange is to ease securities lending regulations to meet growing demand for such an investment strategy and to boost liquidity, he said.
To make the local bourse more accountable and transparent, it is to allow listed firms to suspend trading before making announcements that might affect their operations and earnings, Lee said.
The practice, which is common in mature markets, is to take effect on Jan. 15, Lee said.
The stock exchange also plans to help firms raise NT$600 billion in capital this year, through primary and secondary listings, as well as bond issuances, Lee said. The target suggests a steep increase from NT$400 billion last year.
Lee recently secured a 70-year lease from the Ministry of National Defense to develop an office building complex for the stock exchange on a plot of land at the intersection of Taipei’s Fuxing S and Renai roads.
The complex is to cost NT$10 billion and could save the company NT$300 million in rental expenses per year, Lee said, adding that its peers in the US, UK, Germany, Japan, China and South Korea all have their own real estate.
The exchange is to launch its own information center in New Taipei City’s Banciao District (板橋) later this month, Lee said.
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