World s worst stock rout extends as Taiwan tightens Covid-19 curbs straitstimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from straitstimes.com Daily Mail and Mail on Sunday newspapers.
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