President Tsai Ing-wen praised the resilience of Taiwan’s stock market Feb. 8, saying the local bourse’s record performance in 2020 reflected the country’s strong economy and success in managing COVID-19.
The stock market closed Feb. 5 for the Lunar New Year holiday, wrapping up the Year of the Rat with impressive gains in both market volume and stock prices, as well as bullish momentum befitting of the upcoming Year of the Ox, Tsai said.
The president also took the opportunity to thank all those who have helped ensure orderly market operations. In a year full of challenges and uncertainties, their efforts and dedication are sincerely appreciated by the government and people, she added.
The president made the remarks during a tour of Taiwan Stock Exchange Corp. in Taipei City, which oversees the Taiwan Capitalization Weighted Stock Index (TAIEX), the primary measure of local market performance.
According to Tsai, the TAIEX hit record highs several times over the past year, with average daily turnover topping NT$300 billion (US$10.57 billion) creating more than NT$150 billion in stock transaction taxes.
In addition to providing investment opportunities to the public, Taiwan’s capital markets also play a key role as a source of corporate financing and economic growth, with the more than 1,700 listed businesses on the main board and over-the-counter market valued at NT$49 trillion in total market capitalization, she said.
As the TWSE celebrates its 60th anniversary this year, Tsai said the government will continue to implement measures designed to develop more efficient, internationalized and sustainable capital markets, adding priority is also being placed on maintaining Taiwan’s competitive edge in the global supply chain. (SFC-E)
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