The nation’s stocks fell the most in more than two years as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) led declines following a rout of US technology shares.
TSMC, the world’s biggest contract chipmaker, plunged 3.6 percent to close at NT$120.50 in Taipei trading, while electronics contractor Hon Hai Precision Industry Co (鴻海精密) slid 1.8 percent to close at NT$95.80.
Chip designer MediaTek Inc (聯發科) closed down 4 percent at NT$403, and semiconductor testing and packaging specialist Advanced Semiconductor Engineering Inc (日月光半導體) fell 4.5 percent to NT$35.60.
Ting Hsin International Group (頂新集團) subsidiary Tingyi Holding Corp (頂益控股) and flagship food subsidiary Wei Chuan Foods Corp (味全) plunged 4.52 percent and 7 percent to NT$38 and NT$29.30 respectively.
Wei Chuan shares have fallen 19 percent in the three trading sessions since the latest food scare, which broke on Wednesday last week, and dropped below NT$30 for the first time since June 28, 2012.
A meeting of the National Stabilization Fund today is expected to pay close attention to changes in domestic and foreign markets, the Economic Daily said.
The benchmark TAIEX sank 2.84 percent, ending at 8,711.39, marking the biggest drop since June 2012.
The market was inactive on Friday, when the NASDAQ plunged 2.3 percent as concerns about chipmaker earnings fueled a sell-off across the technology industry.
“Taiwan’s stock decline was affected by the slump in US tech stocks last Friday,” said Parker Wu (吳年恭), a fund manager at the Agriculture Bank of Taiwan (台灣農業金庫), who helps oversee the equivalent of US$98 million.
“Declines have reflected expectations about a correction in the technology industry,” he said.
The nation’s stock market also came under pressure because foreign institutional investors continue to move their funds out of the region to chase US dollar assets in view of the growing strength of the greenback, according to Taishin Securities Investment Trust Co (台新投信) fund manager Shen Chien-hung (沈建宏).
Foreign institutional investors yesterday sold a net NT$8.16 billion (US$268.47 million) in shares, after dumping a net NT$9.59 billion in shares last week.
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