The nation's benchmark index suffered its biggest decline in more than three years as fresh Wall Street concerns over the US home loan market sent the region tumbling, dealers said.
The TAIEX slumped 395.37, or 4.26 percent, to close at 8,891.88 yesterday, the biggest drop since May 17, 2004. About six stocks fell for every one that gained. Futures due in August tumbled 5.2 percent to 8,695.
Overseas investors dumped a net of NT$49 billion (US$1.5 billion) in shares yesterday alone, the third-biggest selloff in the history of the local equity market.
Yuanta Core Pacific Capital Management Co (
The performance of regional markets meant that hopes for a technical rebound on the local bourse were premature, he said.
However, Tam noted that the local index may be defended at the quarterly moving average of around 8,700 points because of ample liquidity.
Hon Hai Precision Industry Co (
"Apple has generated strong enthusiasm for its iPhone and shares of its suppliers have benefited from that excitement," said Phil Chen (
Hon Hai, which provides assembly services for Apple, lost NT$16, or 5.9 percent, to NT$256. Foxconn Technology Co (富士康科技), a maker of metal casings for mobile phones, plunged NT$25, or 6.8 percent, to NT$343. Shares of Hon Hai have risen 65 percent in the past 12 months, while Foxconn's have climbed 74 percent.
Some investors are speculating that Apple is reducing production of either its popular iPod music players or the iPhone, perhaps by as much as 50 percent, said Gene Munster, an analyst at Piper Jaffray Cos in Minneapolis. The iPhone, which combines a music player with a cellphone and Web browser, went on sale on June 29.
Shares of Cupertino, California-based Apple dropped the most in more than two years in US trading, falling 6.8 percent to US$131.76.
Apple spokeswoman Natalie Kerris said the firm does not comment on rumors and speculation.
Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) led declines among exporters on renewed concern that falling home prices and a rout in the US subprime loan industry would curb growth in the world's largest economy.
TSMC, the world's biggest supplier of made-to-order chips, slumped NT$3.70, or 5.9 percent, to NT$61.30. The company makes about three-quarters of its sales from US buyers. MediaTek Inc (聯發科), the world's largest supplier of chips for DVD players, dropped NT$24, or 4.1 percent, to NT$569.
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
FALSE DOCUMENTS? Actor William Liao said he was ‘voluntarily cooperating’ with police after a suspect was accused of helping to produce false medical certificates Police yesterday questioned at least six entertainers amid allegations of evasion of compulsory military service, with Lee Chuan (李銓), a member of boy band Choc7 (超克7), and actor Daniel Chen (陳大天) among those summoned. The New Taipei City District Prosecutors’ Office in January launched an investigation into a group that was allegedly helping men dodge compulsory military service using falsified medical documents. Actor Darren Wang (王大陸) has been accused of being one of the group’s clients. As the investigation expanded, investigators at New Taipei City’s Yonghe Precinct said that other entertainers commissioned the group to obtain false documents. The main suspect, a man surnamed
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer began talks with high-ranking Chinese officials in Switzerland yesterday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy. The US delegation has begun meetings in Geneva with a Chinese delegation led by Chinese Vice Premier He Lifeng (何立峰), Xinhua News Agency said. Diplomats from both sides also confirmed that the talks have begun, but spoke anonymously and the exact location of the talks was not made public. Prospects for a major breakthrough appear dim, but there is
The number of births in Taiwan fell to an all-time monthly low last month, while the population declined for the 16th consecutive month, Ministry of the Interior data released on Friday showed. The number of newborns totaled 8,684, which is 704 births fewer than in March and the lowest monthly figure on record, the ministry said. That is equivalent to roughly one baby born every five minutes and an annual crude birthrate of 4.52 per 1,000 people, the ministry added. Meanwhile, 17,205 deaths were recorded, resulting in a natural population decrease of 8,521, the data showed. More people are also leaving Taiwan, with net
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