March 11, 2020 / 1:38 AM / 21 days ago

Taiwan readies plans to stabilise stock market

TAIPEI, March 11 (Reuters) - Taiwan’s financial authority said on Wednesday it has readied plans to stabilise the island’s stock market amid worries that a coronavirus outbreak could increase market volatility and destabilize the financial system.

The head of the Financial Supervisory Commission, Wellington Koo, told reporters in Taipei that it has not as yet seen the need to implement the plans.

Taiwan stocks advanced 0.4% on Wednesday morning, but are down about 8% so far this year. On Monday, as global stocks crashed due to an oil price war and fears over the spreading epidemic, foreign investors sold T$54.6 billion ($1.82 billion) of Taiwan stocks - the largest single day outflow since the 2008 financial crisis. (Reporting By Emily Chan and Yimou Lee Editing by Shri Navaratnam)

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