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TYCOON EXPRESSES CONFIDENCE IN TAIWAN'S STOCK MARKET.
TAIPEI, July 1 Asia Pulse - Morris Chang, chairman of the Taiwan Semiconductor Manufacturing Company (TAIEX:2330), said Monday that government intervention is not an effective way to boost the ailing bourse, and he expressed confidence in the long term prospects of the stock market.
"The government perhaps can do a little to prop up the market but it will not be very effective," Chang said.
He added that Taiwan's stock market woes are not a special case, as the global markets are suffering as well. However, the best way to strengthen the market is to go back to basics, Chang said.
He made the remarks in response to the Executive Yuan's call for insurance companies, which currently have capital of around NT$8 trillion (US$263 billion), to invest in the stock market and domestic infrastructure projects to help rescue the market.
The Cabinet's call came after the TAIEX slumped 3.37 percent on Friday, marking an accumulative retreat of more than 1,700 points on the benchmark index since the May 20 inauguration of President Ma Ying-jeou. The administration has been struggling to ...
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Source: HighBeam Research, TYCOON EXPRESSES CONFIDENCE IN TAIWAN'S STOCK MARKET.