Local economy confidence boosts as COVID-19 concerns ease: poll


TAIPEI, Aug 27 (CNA) Confidence in the local economy improved in August as coronavirus concerns eased to some extent and confidence in the local stock market increased, according to Cathay Financial Holding. did. .

Cathay Financial, one of Taiwan’s major financial holding companies, cited a survey conducted from 1 to 8 August that found 25.2% of respondents thought the economy had improved over the month, compared with 49.3%. % said they believe the economy has deteriorated.

The figure translates into an economic optimism index for the current situation of -24.1 in August from -36.2 in July, the financial holding company said.

Sentiment on the economic outlook also improved, with the index of economic optimism over the next six months rising from -60.7 in July to -43.8 in August, according to Cathay Financial.

In August, Taiex, the weighted index of the Taiwan Stock Exchange, rallied, with an optimistic index for Taiwan’s stock market over the next six months jumping to -13.6 from -30.5 in July. Survey found.

The index, which measures investor willingness to take risks, also rose from -14.3 in July to -5.5 in August.

As of the end of July, Taiex was 1,049.45 points or Soared 7.52 percent.

The TWD 500 billion (US$16.56 billion) Stabilization Fund was established by the government in 2000 to act as a buffer against unforeseen external factors that could disrupt local stock exchanges.

The index, which evaluates willingness to buy big-ticket items, improved from -6.9 in July to -1.4 in August as sentiment about the economy improved.

But the index of home buying plans fell from -57.9 in July to -58 in August, the lowest level in more than five years. Meanwhile, the index of willingness to sell homes recovered from -17.4 to -12.6, stopping at four. -Monthly continuous decline, survey found.

Respondents to the August survey said Taiwan’s 2022 economic growth rate had risen to 2.76% from 2.68% in a similar survey in July, with 73% expecting annual growth to exceed 2%. Stated.

In the August survey, respondents expected local consumer price index (CPI) growth to reach 3.02% in 2022, down slightly from 3.03% in the July survey, with about 58% expected to exceed 3%.

The study collected 20,127 valid online surveys from customers of Cathay Life Insurance and Cathay United Bank, wholly owned by Cathay Financial.

(Su Su Yun, Francis Huang)

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