Taiwan stocks tumble following Wall Street’s 5th consecutive weekly decline Friday

Taiwan’s Capitalization Weighted Stock Index (TAIEX) fell more than 300 points (2.19%) Monday after US markets marked a bearish 5-week-long losing streak Friday.

Affected by high inflation, rising interest rates, and declines in corporate profits, Taiwan stocks fell to an almost one year low at prices not seen since May 21 last year.

The TAIEX opened at 16,345.8, 62 points down from Friday’s close, and tumbled more than 200 points in early trading. After a brief rebound the decline continued to extend to 359.28 points and the market finally closed at 16,048.92 points with a transaction volume of NT$239.823 billion.

In the tech sector, semiconductor manufacturer TSMC fell NT$8 to close at NT$520, while MediaTek fell NT$22 to close at NT$812.

Shipping giants Evergreen, Wan Hai, and Yang Ming fell 2.6%, 1.32% and 3.07% respectively.

Financial stocks on average were down 2.88%.

The Taiwan dollar weakened NT$0.085 to trade at NT$29.745 against the US dollar at 10:00 am.

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