Taiwan regulator says more bullish on stocks; banks hitting record profits

TAIPEI Sun Aug 17, 2014 10:54pm EDT

TAIPEI Aug 18 (Reuters) - Taiwan's top financial regulator said on Monday he was more bullish about the stock market's prospects as corporate earnings had surged more than 20 percent in the second quarter.

Companies listed on the main bourse and over-the-counter (OTC) stock exchange jumped about 21 percent in the June quarter from a year earlier, Chairman of the Financial Supervisory Commission (FSC) William Tseng told reporters on the sidelines of a business event.

Local banks would probably post a record level of profits for 2014, topping T$300 billion ($10 billion), he added.

"I see the stock market's outlook to be stable and optimistic, which is more bullish than my previous view," said the chairman.

"I believe foreign investors, which hold a 37 percent stake in Taiwan companies in total, will see when they make future investments."

By around 0230 GMT, the Taiwan stock market was down 0.5 percent at 9,158 points.

(Reporting by Faith Hung; Editing by Jacqueline Wong)

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