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Taiwan's stock market index records 3rd-largest plunge in history

Drop of 3.79% follows Wall Street tech slide and COVID uptick

Stocks losing ground are marked in green on the Taiwan stock market 

Stocks losing ground are marked in green on the Taiwan stock market  (CNA photo)

TAIPEI (Taiwan News) — As tech stocks slid on Wall Street and Taiwan’s coronavirus situation seemed to worsen, the country's stock market index recorded its third-largest plunge ever, losing 3.79 percent, or 652.48 points, to close at 16,583.13 on Tuesday (May 11).

The drop came as the government reported domestic coronavirus cases not linked to a previous cluster centered on China Airlines (CAL) pilots. New restrictions on mass gatherings were also announced Tuesday.

At its worst point, the stock index, known as the Taiex, lost 775 points, CNA reported. Total turnover amounted to NT$714.8 billion (US$25.5 billion).

Electronics shares were the worst performer, losing more than 4 percent of their value overall. Recently strong sectors, such as iron and steel and maritime transportation, also turned negative in the early afternoon, leaving glass manufacturers as the only sector still showing positive closing figures.

The two biggest drops in Taiex history as expressed in points were recorded on Jan. 30, 2020, when it lost 696.97 points, or 5.75 percent, and on Oct. 11, 2018, when the index plunged 660.72 points, or 6.31 percent.

Updated : 2021-06-17 08:30 GMT+08:00