Taiwan Stocks Down

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Taiwan Stocks Down

Taiwan Stocks Down By 8.4% On Tech Fears

Monday's session was unfortunate for the Taiwan stocks as they registered a decline of 8.4%. Most of this selling in the Taiwan stocks is coming from the tech sector with big names such as TSMC leading the charge.

It seems that the weaker outlook for the US economy has spooked investors as the fear of the US recession is now on everyone's mind.

Taiwan Stock Market Shed 1807 Points

In percentage terms, it was one of the worst declines for the Taiwan stocks as the market lost 1807 points. The closing level for the market was at 19830 which is the lowest level only seen on 23rd April. It seems that the sell-off which started in the tech sector eventually became a broader problem.

According to an analyst, it is hard to tell when the decline in the Taiwan stock market will stop. Right now, it is still too early to tell given the severity of the situation.

The biggest mover was TSMC (Taiwan Semiconductor Manufacturing) which declined by almost 9.75%. The stock came close to its daily limit of 10% which shows that the losses in the chip manufacturing stock were really steep.

Many analysts believe that the TSMC's fundamentals have not changed even on the rumors that Nvidia's new chip would be delayed.

Meanwhile, other big stocks such as Mediatek, Quanta, and Foxconn also shed some points during the day. The overall sentiment regarding the tech stocks in the Taiwanese market was not so good.

Given the current situation, some experts believe that the decline in tech stocks will continue for the next two days. It seems that the support near the 19200 - 19300 will be the next target for the traders.

The Taiwan stock market has 1900 listed companies and out of these, around 800 lost some of their points during Monday's session. Earlier, a minister from Taiwan had already warned the investors about a possible market crash.

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