Reported 7 months ago
On June 13, 2024, the Taiwan stock market hit a new high with the financial stocks index rising by 0.26% to 1,969 points, driven by the improved profits of large financial conglomerates' subsidiaries like Yuanta Financial Holding, Polaris Financial Group, Hua Nan Financial Holdings, Mega Financial Holding, and First Financial Holding, leading to a top ten increase in stock prices. Yuanta's Taiwan ETF rebounded to above its issue price of 10 yuan for the first time since going public on April 1, prompting an increase in Yuanta Financial Holding stock by 1.75% to 32 yuan. The overall financial stock index has been steadily climbing since June, supported by strong profits in the financial industry throughout the year and recent boosts from tech stocks like NVIDIA and TSMC, with insurance holding companies seizing the opportunity to sell shares and make a profit. Major financial institutions like Cathay Financial Holdings, Taiwan Cooperative Financial Holding, Taishin Financial Holdings, and Fubon Financial Holding all saw their stock prices rise on the 13th. Accumulated profits for the top 14 listed financial institutions reached 263.8 billion yuan in the first five months of the year, marking a year-on-year increase of over 90%. Analysts emphasize that as the economy continues to recover and bank lending increases, short-term prospects for bank stocks are positive while insurance stocks are advised to hold for the long term, especially with the gradual improvement in performance following the US interest rate cuts. The Yuanta Taiwan ETF raised 175.2 billion yuan in funding, breaking a hundred billion on the first day, though it initially traded below its issue price and even dropped to 9.26 yuan at one point. Despite the initial setbacks, continuous investor interest persists due to market demand. The article also touches on other news regarding inflation projections and tax reductions, all adding to the momentum in the stock market.
Source: YAHOO