Richard. >> everyone always said he would do anything to keep the market up until gore wins. <<
Maybe he could try this. :-)
Taiwan Government Funds Spend 10.8 Billion US Dlrs to Back Bourse
TAIPEI, Aug 3 (AFP) - The four major government-linked funds spent 335.7 billion Taiwan dollars (10.8 billion US) to prop up share prices dragged down by political concerns, a report said Thursday.
The amount accounted for nearly 80 percent of a combined 422.5 billion dollars allowed for equity investment from the postal savings deposits fund, labour insurance fund, labour pension fund, and civil service pension fund, the China Times Express said.
Officials ordered the four funds to support the market as the exchange has plummeted 22.5 percent to 7,844.93 points Thursday, down from this year's highest level of 10,127.48 points on April 10.
The bourse was hit by uncertainties in the new administration's economic and financial policies and by concerns over relations with China after President Chen Shui-bian from the pro-independence Democratic Progressive Party took office on May 20.
The 2.6-trillion-dollar postal savings fund had invested 116.5 billion dollars in the stock market as of Wednesday from around 150 billion dollars, or six percent permitted for equity investment, according to the paper.
The 450.5-billion-dollar labour insurance fund and the 203.6-billion-dollar labour pension fund, each allowed to invest up to 30 percent in the stock market, had funnelled 89.8 billion dollars and 59 billion dollars respectively into the bourse, the paper said.
The 155 billion dollar civil service pension fund has invested 70.4 billion dollars in equities as of Wednesday, it said.
chinatimes.com.tw |
