FSC holds ‘pledg­ing cer­e­mony’ for stock mar­ket res­cue

The China Post - - FRONT PAGE - BY ENRU LIN

The Fi­nan­cial Su­per­vi­sory Com­mis­sion (FSC, ) called an ad­hoc “pledg­ing cer­e­mony” yesterday to urge the fi­nan­cial sec­tor to help lift the eq­uity mar­ket.

Chien Hung- wen ( ), chair­man of the co-host Tai­wan Se­cu­ri­ties As­so­ci­a­tion ( ), said the event was al­tered at the last minute from a train­ing seminar to a pledg­ing cer­e­mony af­ter Mon­day’s his­toric fall on TAIEX.

In his open­ing ad­dress, FSC Chair­man Wil­liam Tseng ( ) called on the fi­nan­cial sec­tor to im­ple­ment trea­sury shares — to buy back their own shares for sale later — in or­der to bol­ster in­vestor con­fi­dence.

The FSC will for­mally in­vite in­di­vid­ual in­sur­ers, banks and se­cu­ri­ties com­pa­nies to hold shares in trea­sury, Tseng said.

At

Tai­wan Will Be Strong

the

pledg­ing cer­e­mony, some 200 par­tic­i­pants were seated in an au­di­to­rium with slo­gans such as “Save the Mar­ket to Love Tai­wan, Tai­wan Will Be Strong” ( , ) pro­jected onto a large screen.

Par­tic­i­pants in­cluded bank rep­re­sen­ta­tives at the man­age­rial level, as well as mem­bers of the Tai­wan Fi­nan­cial Ser­vices Round­table, the Bankers As­so­ci­a­tion of the R.O.C. ( ), Life In­sur­ance As­so­ci­a­tion of the Re­pub­lic of China ( ) and the Fire and Ca­su­alty In­sur­ance As­so­ci­a­tion ( ).

Tseng bor­rowed a catch­phrase from the Stu­dent Sun­flower Move­ment, “We our­selves will save our own coun­try” ( ) in his re­marks.

“We hope that those in the fi­nan­cial sec­tor who have gath­ered to­day … will take con­crete steps. You your­selves can save your own eq­uity mar­ket, and you your­selves can save your own fi­nan­cial sec­tor,” he said.

He said that sta­bi­liz­ing the stock mar­ket is also a means of sta­bi­liz­ing the fi­nan­cial sec­tor and the econ­omy as a whole.

More Mea­sures at Ap­pro­pri­ate Time

Tseng said the FSC will con­tinue to as­sess mea­sures for en­cour­ag­ing in­vest­ment from the fi­nan­cial sec­tor as well as other poli­cies for sup­port­ing lo­cal share prices.

These mea­sures will be im­ple­mented “at an ap­pro­pri­ate time,” he said.

Also on Tues­day, the Na­tional Fi­nan­cial Sta­bi­liza­tion Fund Com­mit­tee said it has au­tho­rized its state-man­aged fund to in­ject emer­gency cap­i­tal into TAIEX if needed.

The weighted in­dex on the Tai­wan Stock Ex­change staged a re­bound on re­newed in­vestor con­fi­dence, end­ing up 265.30 points, or 3.58 per­cent, at 7,675.64 on turnover of NT$120.52 bil­lion.

CNA

A woman watches a dis­play of stock prices in Taipei, yesterday. Tai­wan stocks ral­lied yesterday on re­newed in­vestor con­fi­dence, end­ing up 265.30 points, or 3.58 per­cent, at 7,675.64 on turnover of NT$120.52 bil­lion.

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