Amid a two-day tumble in stocks, Taipei-based Economic Daily News reports that the Taiwanese government unleashed its ‘Plunge Protection Team’ yesterday as the local stock market fell on growing tensions between the U.S. and North Korea.
Eight Taiwan government-run banks bought combined net NT$1.96 billion (around US$65 million) of shares Wednesday to stall the slump…
While their efforts did buy-the-dip briefly, the Taiwan Stock Exchange Index tumbled into the close and is yet to open tonight to see if PPT is reinvoked.
Ironically, this reported intervention comes just hours after The US Federal Reserve’s Jim Bullard seemed to hint that The Fed itself had “reluctantly” manipulated equity prices.
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