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Taiwan deputy fin min urges investors to stay calm as market falls

07/01/2022 | 01:51am EDT
FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan

TAIPEI (Reuters) - Taiwan's economic fundamentals are good and investors should remain calm, rational and not panic, Deputy Finance Minister Frank Juan told Reuters on Friday after another large fall in share prices.

Taiwan's benchmark index closed down 3.3%, making it the worst performing market in Asia on Friday. It is down 21% so far this year.

Juan said Taiwan's economic fundamentals were good, especially its trade numbers and revenue figures for listed firms.

"The stock market fall today is a bit of an overreaction and a bit panicked. Please be calm, rational, and don't panic," he said.

If there is a need, the National Stabilisation Fund can meet to discuss measures for the market, added Juan, who heads the fund which the government uses to intervene in the market if there is a large amount of volatility.

Policymakers have lowered Taiwan's economic growth for this year outlook to less than 4%, having previously predicted it growing more than 4%, seeing the trade dependent island being hit by global inflation woes, the impact of the war in Ukraine, snarled supply chains and falling demand for tech products.

Taiwan's export orders, a bellwether for global technology demand due to the island's key semiconductor industry, logged a strong annual rise in May, recovering from COVID-19 lockdowns in China and global supply chain disruptions, but the government has warned of global economic uncertainty ahead.

(Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Kim Coghill)


© Reuters 2022
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