Taipei, Consumer confidence in Taiwan weakened further in November as sentiment toward the stock market was affected by stagnant share prices, the latest monthly consumer confidence survey by National Central University has found.
Hurt by a drop in the sub-index on confidence in Taiwan's stock market, the consumer confidence index (CCI) for November dropped 1.82 points from a month earlier to 80.13, the lowest level since August 2017 when it was 79.95, the university said.
The CCI consists of six factors that reflect public confidence in employment, family finances, consumer prices, the local economic climate, the stock market and the likelihood of purchasing durable goods in the coming six months.
Five out of the six factors were lower in November than in the previous month, while the sub-index on the local economic climate edged 0.05 points higher to 81.95, according to the survey.
The sub-index for the stock market fell for the third consecutive month in November to 77.60, the lowest level since January 2017 when it was 66.50. Its 7.70-point fall during the month was also the biggest drop for any of the five factors that showed declines.
The slide reflected the lack of upward momentum in the market's benchmark index, the Taiex, in recent months amid trade tensions between the United States and China.
The Taiex closed below the 10,000-point mark on Oct. 11 for the first time since May 2017, and has not returned above that level since then.
On Tuesday, the benchmark index closed up 0.14 percent at 9,778.62 after moving between 9,688.74 and 9,781.40.
The survey showed the sub-indexes on employment, consumer prices, the likelihood of purchasing durable goods and family finances moved lower from a month earlier by 1.05, 1.05, 0.85 and 0.30, respectively, to 99.85, 45.50, 89.55 and 86.35 in November.
A sub-index score of 0 to 100 indicates pessimism, while a score of between 100 and 200 indicates optimism.
In other words, the university said, survey respondents were downbeat about all six factors over the next six months.
The survey, conducted from Nov. 19 to 23, collected 2,703 valid questionnaires from local consumers aged 20 and over. It had a confidence level of 95 percent and a margin of error of plus or minus 2.0 percentage points.
Source: Focus Taiwan News Channel