Taiwan stocks are saved! Guoan Fund will enter the market next Monday to protect the market for the 10th time in history

Taiwan stocks have plummeted in recent days, and National Security Fund held an extraordinary meeting today and decided to enter the market to protect the market. (Photo by reporter Tian Yuhua)

[Reporter Zheng Qifang/Taipei Report] Taiwan stock market crashed, National Security Fund launched its 10th time to protect the market! Guoan Fund held an extraordinary committee meeting at 2:30 pm today. Due to the huge fluctuations in the Taiwan stock market in recent days, it fell a total of 5,510 points from November 2 to 6. In particular, the opening fell by nearly 3,800 points on November 6. The intraday low of 37,837 points was the lowest point in recent times. The closing price was 39,701 points, which was far away from this year’s high. 49,968 points, down 10,267 points, or 20.55%, and foreign capital continues to be oversold, indicating a clear lack of investment confidence in the market. Considering that the uncertainty of the international political and economic situation is still high, after discussion and consensus resolution by the National Security Fund Management Committee, the Executive Secretary was authorized to use funds to perform market stabilization tasks as appropriate.

Guoan Fund said that after the U.S. midterm elections, U.S. stocks and major Asian stock markets plummeted simultaneously. Taiwan stocks fell by 12.19% this week, second only to Fei Ban, who fell by 15.7%. In addition, in October this year, the cumulative overselling of foreign capital reached 994.316 billion yuan, the highest in a single month in history. The overselling continued in November. As of November 6, the cumulative selling of stocks exceeded 524.4 billion yuan, deepening the downward trend of Taiwan stocks.

Guoan Fund pointed out that my country's economic fundamentals are good, but Taiwan's stocks are dominated by high-tech stocks, which are closely linked to US stock prices, causing the domestic stock market to also fall simultaneously. In the short term, market confidence is obviously insufficient. After discussion and consensus resolution by the Guoan Fund Management Committee, it is believed that "Guoan Fund Management" Article 8 of the Ordinance "due to major domestic and foreign events and significant movements of international funds that significantly affect public confidence, causing disorder in the capital market and other financial markets or threatening national stability," the resolution authorizes the Executive Secretary to use funds to perform market stabilization tasks as appropriate.