Taiwan's stock market suffered one of its worst days ever, and it's bad news for anyone holding local shares right now.

• The main index fell over 1,600 points in a single day, dropping below the 44,000 mark and losing about 3.6% of its value — the 7th-worst one-day point drop in the market's history.
• Foreign investors dumped over 100 billion Taiwan dollars worth of stocks, the 8th-largest sell-off on record, dragging the market down despite buying from local investment trusts.
• Big tech names got hit hard too — chipmaker MediaTek fell more than 3% even after reporting strong earnings, though its CEO publicly urged investors to stay patient and buy the stock.
• Separately, several Taiwanese bank customers reported unauthorized transfers draining money from their accounts without opening their banking apps, raising fraud concerns and prompting one bank to freeze the receiving account and alert police.
• Disney is reportedly planning a new round of layoffs, asking division heads to cut costs by 20%, which could affect thousands of jobs.

Outlook: Investors are being told not to panic-sell but to review how concentrated their holdings are, as the market tries to find a floor after the sharp drop.