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Financial stocks plummet 6% in the near term
Taiwan News, Staff Writer
2014-08-05 04:57 PM
The weighted index of the Taiwan Stock Exchange fell below its 12-week moving average of 9,220 points. The financial shares index dropped 2% and has logged a 6% loss in the near term.

Even though financial stocks have entered into a period of tightly scheduled investors conferences, the market has not relayed any good news. Issues such as the raising of the financial business tax from 2% to 5% and subsequent property and casualty insurance payouts stemming from the Kaohsiung gas explosion have weighed down financial shares in the near term.

Institutional investors stated, after the financial shares index reached a peak of 1134.71 in late July, it has successively dropped below its 10-day moving average at 1105.47 points and its 30-day moving average and support level at 1076.61 points. However, Q3 is the peak of cash dividend booking. Financial stock fundamentals are stable and single month profits are expected to set new records.

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