Taiwan's shipping giant Yang Ming took a beating Wednesday, bad news for its 360,000-plus shareholders even as the wider market staged a big comeback.

• Yang Ming briefly hit its daily fall limit and closed down about 9%, on very heavy trading volume.
• Foreign investors dumped more than 30,000 lots of the stock, making it their single biggest sell of the day.
• The wider Taiwan market went the other way, swinging from a 244-point drop to a 663-point gain and closing back near the 46,000 mark.
• High-priced names like Largan and Alchip led the rebound, and TSMC turned positive after a weak start.
• Foreign money was a net buyer overall, but kept trimming electronics names such as UMC alongside the shipping selloff.

Outlook: Shipping stocks look like the market's weak spot right now, and Yang Ming may stay under pressure while foreign money rotates elsewhere.