TAIPEI (Taiwan News) — Taiwan’s stock market index, the Taiex, plunged 500 points Tuesday (May 4) morning before closing down 288.57 points, falling below the 17,000 mark.
The 1.68-percent drop saw the Taiex end at 16,933.78 on a record turnover of NT$664.2 billion (US$23.76 billion), CNA reported. The Taiex first broke through the psychological barrier of 17,000 on April 15.
While short-term fluctuations are unavoidable, the economic outlook for the country still looks good in the longer term, with the government recently estimating that economic growth during the first quarter reached 8.16 percent, Finance Minister Su Jain-rong (蘇建榮) said.
Tuesday’s plunge was blamed on the uncertain situation surrounding the coronavirus pandemic, as domestic outbreaks have emerged linked to major carrier China Airlines and a hotel near Taiwan’s main airport. Nevertheless, shares in the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC), still rose by 0.51 percent to reach NT$591.