The Democratic Progressive Party (DPP) legislative caucus yesterday criticized the Chinese Nationalist Party (KMT) for twisting a market analysis report conducted by a foreign investment firm, dismissing the KMT's interpretation of the financial document as a "desperate election gimmick."
DPP Legislator Gao Jyh-peng (
Gao called on the public to remember that Merrill Lynch, the firm that released the report on Nov. 18, does not speak for all foreign investors in Taiwan.
In fact, the company specifically warns in the report that because it does business with companies covered in its research reports, investors should be aware that they "may have a conflict of interest that could affect the objectivity of the report."
Gao pointed out that foreign investors have shown confidence in Taiwan's market and expressed optimism for the market's prospects after the elections, saying that Morgan Stanley has predicted the TAIEX may rise to between 6,700 and 6,900 after the polls.
Gao also criticized the KMT for misinterpreting the English-language report, entitled In-depth Report: Taiwan Strategy.
The analysis states that "as long as the DPP does not win big, the market reaction should be neutral to positive, in our view, as it may force the DPP to consider more drastic measures, including relaxing cross-strait policy to regain voter attention and fight hard for the 2008 presidential election," he said.
KMT Legislator Alex Tsai (
He also claimed that the report predicts that the KMT will win in many major counties and cities.
However, the report actually says "we are not inclined to conclude that it will be a pan-blue victory based on the polls ... As a result, the election outcome could beat expectations."
The report, however, emphasizes that the DPP needs to improve and upgrade its governance and "a loss or a tiny victory will serve as evidence of voter discontent over the charges of corruption and scandals surrounding the DPP."
It also states that the results of this election would not necessarily be repeated in the 2008 presidential election.
Echoing Tsai's arguments, KMT caucus whip Pan Wei-kang (
Pan said that since the DPP came to power about five years ago, it has plunged the country into "economic dire straits," with the jobless rate hitting a record high, economic development worsening, consumer prices soaring and foreign investment declining.
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