Starting today, investors in local stock markets are allowed to sell shares and then buy them back on the same day, as financial regulators aim to provide investors with a complete market trading mechanism.
The new policy on day trading applies to 200 stocks listed on the Taiwan Stock Exchange (TWSE) and GRETAI Securities Market (GTSM). They include constituents of the Taiwan 50 Index, Taiwan Mid-Cap 100 Index and GRETAI 50 Index, the TWSE said in a press release last week.
The stock exchange said securities transactions for day trading could be completed before the closure of normal trading session or in after-hours trading.
The new regulation comes after the Financial Supervisory Commission (FSC) in January permitted day traders to buy and then sell shares within the same trading session.
As of today, the 200 selected stocks are to be allowed to trade in two ways — either long, or shorted first and then covered back — in a move to further boost stock turnover on the local bourse.
The commission said previously that it forecast the new policy would boost daily stock turnover by between 3 percent and 5 percent, or between NT$3.6 billion (US$120.2 million) and NT$6 billion, based on a daily turnover of NT$120 billion.
The TAIEX closed at 9,306.83 on Friday on a turnover of NT$93.59 billion, while the GRETAI ended at 152.11, with NT$31.89 billion in shares changing hands, TWSE data showed.
The commission may consider permitting all 1,200 stocks listed on the main bourse for two-way trading, with the decision to be made at the end of this year, local media reported last week.
Additional reporting by Crystal Hsu
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