Taipei (BLOOMBERG) - Taiwan stocks slumped the most since March last year on Wednesday (May 12) as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.
The Taiwan Stock Exchange Weighted Index finished the session 4.1 per cent lower after slumping as much as 8.6 per cent in morning trading, the worst intraday loss since 1969.
Having fallen 9.6 per cent from an April high, the gauge narrowly missed a technical correction. Heavyweight Taiwan Semiconductor Manufacturing Co and Hon Hai Precision Industry were among the biggest drags, down 1.9 per cent and 4.7 per cent, respectively.
The selloff marks a sharp turn for the equity index which ranked among Asia s best performers before it started to retreat at the end of April.
People wearing protective face masks wait for the metro, during the coronavirus disease (COVID-19) pandemic, in Taipei, Taiwan, May 11, 2021. REUTERS/Ann Wang
TAIWAN stocks plunged as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.
The Taiwan Stock Exchange Weighted Index (Taiex) was in freefall during mid-morning trading, slumping as much as 8.6% before paring the losses to 5.9% as of 12:22 p.m. local time. Heavyweight Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. were among the biggest drags, and more than a hundred stocks on the gauge fell by the daily 10% limit.
Wednesday’s selloff marks a sharp turn for the equity index which ranked among Asia’s best performers before it started to retreat at the end of April. Taiwan may elevate its alert level on Covid-19 further today after banning large gatherings Tuesday, Taipei-based Liberty Times reported, citing health minister Chen Shih-chu
Taiwan stocks sink most in 14 months on virus woes and tech rout Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
A man walks past a monitor showing a stock chart outside the Taiwan Stock Exchange in Taipei on Wednesday. | AFP-JIJI
Bloomberg May 12, 2021
Taiwan stocks slumped the most since March last year as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.
The Taiwan Stock Exchange Weighted Index finished the session 4.1% lower after slumping as much as 8.6% in morning trading, the worst intraday loss since 1969. Having fallen 9.6% from an April high, the gauge narrowly missed a technical correction. Heavyweight Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. were among the biggest drags, down 1.9% and 4.7%, respectively, on Wednesday.
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