Taiwan's stock market staged a sharp turnaround on Tuesday, a relief for investors after a scary morning selloff.

• The index fell more than 550 points early in the day, dragged down by tech stocks, before flipping to close up 407 points.
• Chipmakers and chip-substrate makers recovered, and bank and insurance stocks did the heavy lifting on the way back up.
• Foreign investors were net sellers overall, but they bought six financial names hard.
• KGI Financial was the favorite — foreign buying pushed it up over 2%, good news for its 720,000 shareholders.
• Fubon Financial, AUO, First Financial and Mega Financial rounded out the top foreign buys.

Outlook: Money looks to be rotating out of tech and into financial stocks, so expect banks and insurers to keep holding the index up if chip stocks stay shaky.