-- A global equity selloff gripped emerging markets Monday as shares in the technology hubs of Taiwan and South Korea plunged, leading the broad MSCI benchmark for the asset class down by the most in more than two years.The MSCI Emerging Markets Index dropped 4.2% as of 8:42 a.m. in London, the biggest loss since February 2022. That took the gauge’s two-day decline to 6.6%, the worst since the Covid panic of March 2020. Monday’s losses pushed the benchmark to erase its 2024 gains.
Asian stocks set the tone Monday. The Taiex Index fell 8.4%, capping its biggest losses since at least 1967, as the flagship of the developing world’s artificial-intelligence ambitions, Taiwan Semiconductor Manufacturing Co., sank more than 9%. All the subgroups in the EM stocks benchmark fell on Monday. The gauge extended its losses since a peak on July 11 to 9.6%.As Middle Eastern markets opened and pre-market trading began in Europe, signs were that the rout will spread to other parts of emerging markets.
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