Taiwan stock market index plunges below 17,000 mark

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TAIPEI (Taiwan News) — Taiwan’s stock market index, the Taiex, plunged 500 points Tuesday (May 4) morning before closing down 288.57 points, falling below the 17,000 mark.

The 1.68-percent drop saw the Taiex end at 16,933.78 on a record turnover of NT$664.2 billion (US$23.76 billion), CNA reported. The Taiex first broke through the psychological barrier of 17,000 on April 15.

While short-term fluctuations are unavoidable, the economic outlook for the country still looks good in the longer term, with the government recently estimating that economic growth during the first quarter reached 8.16 percent, Finance Minister Su Jain-rong (蘇建榮) said.

Tuesday’s plunge was blamed on the uncertain situation surrounding the coronavirus pandemic, as domestic outbreaks have emerged linked to major carrier China Airlines and a hotel near Taiwan’s main airport. Nevertheless, shares in the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC), still rose by 0.51 percent to reach NT$591.

Taiwan stock market suffers worst intraday drop in history amid pandemic fears

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Woman looks disheartened as stocks plunge on Taiwan Stock Exchange. Woman looks disheartened as stocks plunge on Taiwan Stock Exchange. (CNA photo)

TAIPEI (Taiwan News) — Taiwan’s stock market dropped by well over 1,000 points on Wednesday morning (May 12), setting a new intraday trading record amid comments by the Central Epidemic Command Center (CECC) head that the local coronavirus outbreak is worsening and a Level 3 alert could be implemented within days.

On Wednesday morning, Health and Welfare Minister and CECC head Chen Shih-chung (陳時中) told the media that the epidemic in Taiwan has reached a “very severe stage.” He also stated that Taiwan’s epidemic warning could be raised to Level 3 in “the coming days.”

Taiwan’s stocks continued their downward trend from the previous day, which saw news of seven local COVID-19 cases and Chen’s declaration that Taiwan had entered the community transmission stage. The index fell by more than 1,000 points in early trading.

By 11:20 a.m., the decline expanded as it broke the 15,200 barrier and plunged by 1,417.86 points, a new intraday trading record decline, according to CNA. Electronics, finance, and traditional industry stocks fell across the board, with only epidemic prevention firms in positive territory.

Chip giant TSMC’s stock price at one stage plummeted to NT$518 (US$18.48), a sharp drop of NT$53 yuan which was a decrease of 9.28 percent, and its market value shrank by NT$1.37 trillion to NT$13.43 trillion, affecting the broader market index by nearly 450 points. Foxconn’s share price fell below the NT$100 mark in intraday trading, with it dropping to as low as NT$96.5.

MediaTek’s stock price also fell by NT$90 down to NT$821. Overall, the electronics stock index fell by 8.65 percent.

Taiwan’s stock market index records 3rd-largest plunge in history

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Stocks losing ground are marked in green on the Taiwan stock market Stocks losing ground are marked in green on the Taiwan stock market (CNA photo)

TAIPEI (Taiwan News) — As tech stocks slid on Wall Street and Taiwan’s coronavirus situation seemed to worsen, the country’s stock market index recorded its third-largest plunge ever, losing 3.79 percent, or 652.48 points, to close at 16,583.13 on Tuesday (May 11).

The drop came as the government reported domestic coronavirus cases not linked to a previous cluster centered on China Airlines (CAL) pilots. New restrictions on mass gatherings were also announced Tuesday.

At its worst point, the stock index, known as the Taiex, lost 775 points, CNA reported. Total turnover amounted to NT$714.8 billion (US$25.5 billion).

Electronics shares were the worst performer, losing more than 4 percent of their value overall. Recently strong sectors, such as iron and steel and maritime transportation, also turned negative in the early afternoon, leaving glass manufacturers as the only sector still showing positive closing figures.

The two biggest drops in Taiex history as expressed in points were recorded on Jan. 30, 2020, when it lost 696.97 points, or 5.75 percent, and on Oct. 11, 2018, when the index plunged 660.72 points, or 6.31 percent.