Taiwan urges state-owned banks to buy stocks as market tumbles - sources

TAIPEI :Taiwan's Finance Ministry has called state-owned banks to suggest they buy an"appropriate" amount of stocks amid falls on the island's stock market, five people familiar with the matter told Reuters on Thursday.

Taiwan's benchmark index led the broad selling in Asia and closed 2.7per cent lower at a three-month trough. While the index rose 1per cent on Wednesday, it had fallen for the previous nine straight sessions. "The Finance Ministry called and said if there's an appropriate opportunity, we can buy some stocks," one source said.

"The Finance Ministry believes that it's a bit unreasonable for the stock market to keep falling and to fall for so many days," a second source said.Taiwan's government frequently intervenes in the market if it believes falls have become irrational or are too steep, and has a fund it can activate to buy stocks and bolster sentiment if needed.

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