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Record stock market plunge seen during Monday session

Record stock market plunge seen during Monday session

Taipei, Aug. 24 (CNA) The main index of the Taiwan Stock Exchange posted a record plunge of 583.5 points during the Monday session on the heels of the weekend Wall Street tumble amid fears of a worsening world economy and steep falls in the global market. The 531-point loss by the Dow Jones Industrial Average Index sent the weighted index plunging by nearly 7.5 percent to 7,203 at round 10:24 a.m., with some 600 companies suffering the 10 percent maximum decline during the session. The record intra-session plunge, which was also the largest single-day plunge since June 1, when the Financial Supervisory Commission eased the daily maximum ceiling and decline from 7 percent to 10 percent, was even bigger than the previous record of 6.8 percent posted on Aug. 17, 1990. According to Executive Yuan spokesman Sun Lih-chyun (???), Premier Mao Chi-guo (???) has instructed Vice Premier Simon Chang (???) to look into the matter and find a means to help stop the largest drop that the local stock market has seen. "I'll call a meeting to discuss whether the National Stabilization Fund and other four government-run funds should intervene to deal with the situation," Chang told reporters. Deputy Finance Minister Wu Tang-chieh (???) attributed Monday's fall to a plunge in the global stock market, saying that the National Stabilization Found would consider intervening in the local bourse at an appropriate time, pending the market's overall situation rather just its single-day performance. As of 11:53 a.m., the fall had narrowed to 339.41 points, causing the weighted index to rise to 7,447.51. (By Y. B. Tian and Flor Wang)



Updated : 2021-09-24 16:58 GMT+08:00