Taiwanese bank and insurance stocks are jumping as investors pull money out of tech shares and look for somewhere safer to park it — good news for financial shareholders, and a sign of nerves elsewhere.

• Money is rotating out of Taiwan's electronics stocks, which have been swinging around at high levels, and into financial stocks.
• The financial index rose more than 7% in a single week, and five financial holding companies hit record highs.
• The trigger is fear: the on-off Iran conflict and unclear war situation have investors hunting for a hiding place.
• Financial companies are earning well this year, so investors expect fat dividends next year, which adds to the appeal.
• Financials are still up less than the wider market this year, so there is room to catch up.

Outlook: If tech stays choppy and the conflict drags on, both foreign and local money is likely to keep piling into financial stocks.