The government last night held off on a decision on whether to continue the halved daily lower limit of 3.5 percent on the stock market to curb plummeting stock values.
“We will continue to closely monitor the economic situation at home and abroad over the next two days and announce a decision at 6:30pm on Sunday,” Financial Supervisory Commission Chairman Gordon Chen (陳樹) told a press conference at 9:30pm.
The temporary measure, introduced on Oct. 13, has been in place over the past five days, while the maximum daily increase has remained unchanged at 7 percent.
Chen made the remarks after three hours of meetings by a task force led by Vice Premier Paul Chiu (邱正雄) and attended by top financial officials.
Earlier yesterday, Premier Liu Chao-shiuan (劉兆玄) told three lawmakers separately during the legislature’s question-and-answer session that the Cabinet would decide whether or not to prolong the measure by the end of yesterday.
Asked why the Cabinet put off making a decision, Chen said that “We all agreed that we should wait for one or two more days.”
The stock market plummeted to a five-year low yesterday, marking the first time the index has fallen below 5,000 since the SARS crisis in July 2003.
The benchmark TAIEX index dropped 115.57 points, or 2.28 percent, to 4,960.4 at the close of trade on a turnover of NT$55.324 billion (US$1.697 billion).
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