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This research applies the Sales of Industrial Gas which includes Natural Gas Sales, Oxygen Sales, Hydrogen Sales, Nitrogen Sales. The data above are compiled by the Census and Statistics Department of the Ministry of Economic Affairs from January 2001 to December 2020, totaling 240 months. To explore the lead-lag relations between the Sales of the Industrial Gas and the Taiwan business cycle as well as the highs and lows of the stock market index. The results of this research are as follows: First, During the peak period of prosperity and the peak of the stock market, the average value can be used as the leading indicator of the four major industrial gases. Second, The average value during the bottom of the boom and the bottom of the stock market can be used as a lagging indicator of the Natural Gas Sales index. Third, It can be observed from the difference percentage, the fluctuations of the Hydrogen Sales Index, Oxygen Sales Index, and Nitrogen Sales Index during the peak of the boom and the peak of the stock market are smaller than the bottom of the boom and the bottom of the stock market. The percentage difference between the index during the peak period of the boom and the peak of the stock market is within 5%, and the fluctuation range is still stable.
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