UMC (2303) closed @ 52.50 -1.50 vol 56,327,122 most active
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TAIWAN WEIGHTED closed @ 5319.46 -42.80 (-0.80%)
Day's Range :5266.14 - 5386.36
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Taiwan shares end down 0.8% at 5319 after 5% plunge in Nasdaq overnight, but off low of 5266.14 as fall cushioned by government funds buying bank stocks, say dealers; many investors still opting for sidelines on continued political and economic uncertainties. Support for market put around 5200.
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Premier Chang Chung-hsiung proposes establishment of asset management companies as key in eight-point plan to stabilize financial situation. Some of the salient points of the Plan are:
Set up asset management companies (and a national farmer's bank) to encourage problem financial institutions to merge.
Encourage and allow foreign financial institutions to merge with domestic banks under the Financial Institutions Merger Law just passed.
Measure the potential impact (on tax revenues) of the implementation of a Tobacco and Wine Tax Law in 2001.
Distribute income tax revenues local governments to reduce the financial imbalance between local and central governments.
Distribute the NT$450bn special loan set up for traditional sector firms.
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Last day of trading this year is Saturday, December 30, with settlements and trading resuming on Tuesday, January 2. We will have extended trading hours from January 2 with the market opening at 8:45 a.m. and closing at 1:30 p.m.
Last day of trading before Chinese Lunar New Year will be Thursday, January 18 inclusive. The stock market will be closed from Friday, January 19 through Sunday, January 28, re-opening on Monday, January 29. |
