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Taiwan shares drop below 8,300 points after Paris attack

Taiwan shares drop below 8,300 points after Paris attack

Taipei, Nov. 16 (CNA) Shares in Taiwan plummeted more than 100 points in Monday morning trade as stocks in the shipping and tourism sectors suffered in the wake of a terrorist attack in Paris, but the bourse recovered later in the session, although it was unable to regain the 8,300-point mark.

Most stocks in Asia fell when the markets opened Monday amid worry over the terrorist attacks, an expected interest rate hike in the United States and lingering pessimism over China's economic growth, dealers said.

Under the Friday the 13th effect, U.S. technology stocks suffered big selling and European markets all fell because of bearish news in the euro zone, the dealers said.

The series of terrorist attacks in Paris on Friday added to the uncertainty in the U.S. and European markets, which in turn affected Asian stocks, dealers said.

The weighted index on the Taiwan Stock Exchange dropped 111 points in Monday morning trade but recovered somewhat to close down 34.1 points, or 0.41 percent, at 8,295.4 points. Turnover totaled NT$80.9 billion (US$2.46 billion) during the session.

The market opened at 8,278.12 points and fluctuated between 8,312.06 and 8,217.34 before the close.

Shipping and tourism stocks were hit hard by the Paris attacks, which affected travel confidence. EVA Airways, one of Taiwan's leading international carriers, fell 5 percent to end at NT$17.5.

Among the textile stocks that are related to American leisure concepts, Eclat Textile Co. fell 6.35 percent to end at NT$413, and Makalot Industrial Co. dropped 4.69 percent to close at NT$203.

Meanwhile, trade in weighted stocks was generally weak, with smartphone camera lens maker Largan Precision Co. gaining 0.2 percent to close at NT$2,515, contract chip maker Taiwan Semiconductor Manufacturing Co. sliding 0.74 percent to NT$135, and Hon Hai Precision Industry Co., the world's largest contract electronics maker, dropping 1 percent to NT$82.8.

IC designer MediaTek Inc. climbed nearly 2 percent to finish at NT$270.5. (By Esme Jiang and Elizabeth Hsu)

Updated : 2021-09-26 06:02 GMT+08:00