1,000-Share Lots and Odd-Lot Trading
Taiwan stocks normally trade in lots (zhang) of 1,000 shares; if you can't afford a whole lot, you can buy odd lots share by share, but they trade differently and more slowly.
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Text version · Taiwan Stock Rules, lesson 3: “1,000-Share Lots and Odd-Lot Trading”
Taiwan stocks normally trade in lots (zhang) of 1,000 shares; if you can't afford a whole lot, you can buy odd lots share by share, but they trade differently and more slowly.
1 lot = 1,000 shares
Whole-lot trading in Taiwan is done in board lot (Taiwan). A stock priced at NT$580 costs NT$580,000 per lot, which is why many people can't afford a whole lot.
Odd lots: buy from 1 share
Odd lots smaller than one lot can be traded in the intraday odd-lot trading session and the after-hours odd-lot session. Odd lots don't trade one by one; they're matched in batches at intervals.
Watch fees on small trades
Odd lots suit buying expensive stocks in small regular amounts, but commission often has a per-trade minimum, and brokers' minimums for odd lots differ, so buying too little makes fees a big share.
Key takeaways
- Whole-lot trading uses 1 lot = 1,000 shares: a NT$580 stock costs NT$580,000 per lot.
- Odd lots of fewer than 1,000 shares can be traded in the intraday odd-lot session (9:00–13:30) and the after-hours odd-lot session, from 1 share.
- Odd lots don't trade one by one but are matched in batches at intervals, with less volume than whole lots, and the price may be a little worse.
- Odd lots suit small regular purchases of expensive stocks; minimum commissions per trade vary by broker, so watch the share of fees on small trades.
Try it yourself
You can do these exercises in this lesson's interactive simulation:
- Price NT$580, budget NT$100,000: how many whole lots can you buy?
- Switch to “odd lots”: how many shares does the same budget buy? How much is left?
- Switch back to whole lots and set the price to about NT$50: how much does one lot cost?
- In whole-lot mode, set “Shares I want to buy” to 1,500: can you place the order? How do you buy the extra 500 shares?
Quiz and explanations
- 1. A stock is NT$600. How much does one lot cost, before fees?
- Answer: NT$600,000.1 lot = 1,000 shares: 600 × 1,000 = NT$600,000.
- 2. You only have NT$30,000 and want a NT$600 stock. What can you do?
- Answer: Buy odd lots instead, about 40–50 shares.Odd lots trade in single shares: 30,000 ÷ 600 = 50 shares, so after leaving a little for commission you can buy about 49.
- 3. Which of these is a difference between odd-lot and whole-lot trading?
- Answer: Odd lots are matched in batches at intervals, not one by one.Both intraday and after-hours odd lots are matched in batches; the price limit and transaction tax are the same as for whole lots.
Terms in this lesson
- board lot (Board Lot): The exchange's minimum trading unit. A-shares and Japanese stocks trade in lots of 100 shares, each Hong Kong stock sets its own, a Taiwan lot is 1,000 shares, and US and Korean stocks can be bought from 1 share.
- commission (Commission): The fee you pay your broker each time you buy or sell, which comes straight out of your profit.
- intraday odd-lot trading (Intraday Odd-Lot Trading): On Taiwan trading days you can trade odd lots smaller than one lot from 9:00 to 13:30; they don't trade one by one but are matched in batches at intervals.
- odd lot (Odd Lot): A number of shares smaller than one lot. In many markets you can only buy whole lots, and odd lots have to be traded in special sessions or markets, or can only be sold.
- board lot (Taiwan) (Board Lot (Taiwan)): Taiwan's whole-lot trading unit: 1 lot (zhang) = 1,000 shares. A stock priced at NT$600 costs NT$600,000 per lot, so many people buy odd lots instead.