(Bloomberg) — Taiwan’s main stock index fell by a record high as the technology index bore the brunt of a selloff sparked by fears of a further slowdown in the U.S. economy.
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The Taiex indicator closed down 8.4% in Taipei, marking the worst sell-off since 1967. The decline was led by AI chipmaker Taiwan Semiconductor Manufacturing Co., which fell 9.8%.
The price movement underscores how quickly sentiment has shifted from the potential of artificial intelligence to a focus on the risks of a U.S. recession and disappointing earnings expectations from companies like Intel Corp. TSMC accounts for more than 30% of the Taiex indicator.
The Finance Ministry, which is responsible for implementing the financial stabilization funds, said it will closely monitor developments in both domestic and foreign markets.
–With assistance from Miaojung Lin.
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