Taiwan Stocks Plunge 1,612 Points, 7th-Worst Drop Ever
Taiwan's stock market suffered one of its worst days in history, and it's bad news for investors but regulators are urging calm.
- The main index crashed 1,612 points, falling 3.6%, marking the 7th-largest single-day point drop on record and dropping below the 44,000 level.
- Regulators blame global factors: worries over big tech company earnings and geopolitical uncertainty hitting markets worldwide, not just Taiwan.
- South Korea's market fell even harder, while other Asian markets like Shanghai and Singapore also dropped; Hong Kong was one of the few gainers.
- Chip and tech stocks got hit hard — Delta Electronics fell over 6% to an 8-month low, now down about half from its peak earlier this year.
- Foreign investors were heavy net sellers, adding to the selling pressure, while some individual stocks like memory chipmaker Winbond still posted strong earnings.
Outlook: Regulators say company earnings overall are still growing and are telling investors not to panic, but confidence will likely stay shaky until global tech earnings worries and geopolitical tensions ease.