Taiwan stocks tumbled and the TAIEX had its biggest drop in 21 months after Taiwan President Chen Shui-bian (
The benchmark slumped 284.22, or 5.8 percent, to 4636.67, its lowest since Nov. 30. Four out of five shares fell by 6 percent or more while just seven of the 564 shares on the Taiwan Stock Exchange rose. Hon Hai Precision Industry Co (鴻海精密) led declines.
China said Chen's position may seriously undermine the nation's economy and damage relations with the mainland.
"The increased anxiety of the mood of the people" sent stocks lower, said James Chen, who helps manage more than US$2.9 billion in stocks at Fu Hwa Investment Trust Co (
Hon Hai Precision, the nation's largest computer-parts maker, which has most of its production in China, dropped NT$9, or 6.9 percent, its daily limit, to NT$121. China Motor Co (
Taiwan's TAIEX slid 14 percent in the week after the remarks. Trading volume of NT$46.4 billion was a third lower than the three-month daily average.
Many investors "pulled money out of the market" and retreated to the sidelines on concern that rising tensions would drive the market further down, said Michael Hsu, assistant vice president at Fuh-Hwa Capital Management (復華投顧).
Taiwan Semiconductor Manu-facturing Co (
AU Optronics (友達光電), Tai-wan's largest flat-panel maker, was also limit down, falling NT$2.10 to NT$28.20.
Investors also dumped blue-chip tech stocks because of worries growth in the sector would stall amid softening consumer spending in America, Hsu said.
Winbond Electronics Corp (
Gigabyte Technology Co (
Silitek Corp (
China Steel Corp (
CTB Financial Holding Co (
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