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Taiwan shares fall to five-week low

Taiwan shares fall to five-week low

Taiwan shares fell sharply Wednesday to their lowest level in five weeks amid regional market losses and worries about problems in the U.S. subprime mortgage sector.
The Weighted Price Index of the Taiwan Stock Exchange plunged 395.37 points, or 4.3 percent, to close at 8,891.88.
Taiwan International Securities' Cecelia Lu said the market's inability to hold onto the 9,000-point mark triggered further declines.
Fubon Securities' Michael Lin said large-scale selling of the yen also contributed to the fall and warned investors against weak financial shares.
"Financial shares are weak on concerns that U.S. sub-prime mortgage woes may affect the sector's full-year profit," he said.
In Wednesday's trading, the financial index dropped 5.7 percent. Cathay Financial fell 7.0 percent to NT$80.20. The cement index fell 6.3 percent.


Updated : 2021-10-19 04:30 GMT+08:00