Taiwan stocks plummet on virus restrictions and tech selloff | Malay Mail

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TAIPEI, May 12 — Taiwan’s stock exchange plunged more than eight per cent on Wednesday as investors fretted over fresh coronavirus restrictions and a wider selloff in global tech stocks. The Taiex — one of Asia’s best performers this year — dropped as much as 8.6 per cent in morning...

The Taiex — one of Asia’s best performers this year — dropped as much as 8.6 per cent in morning trade, extending losses from record highs in April to nearly 13 per cent. It picked up slightly to sit a little more than four per cent lower later in the day. — AFP picTAIPEI, May 12 — Taiwan’s stock exchange plunged more than eight per cent on Wednesday as investors fretted over fresh coronavirus restrictions and a wider selloff in global tech stocks.

The island’s economy recorded 3.1 per cent growth last year, the highest in Asia and the Taiex, as well as the local dollar, has been riding a wave of confidence. “Investor confidence in Taiex has collapsed now due to concerns over Covid-19 after the health minister said it’s possible for Taiwan to escalate the alert level for Covid-19,” Paul Cheng, president of MasterLink Securities Investment Advisory, told Bloomberg News.

 

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