Taiwan Stocks Sink Most in 14 Months on Virus Woes, Tech Rout

Taiex falls 9.6% from April high, narrowly misses correction
Investors fear growing Covid cases to weigh on economy

WATCH: Randy Abrams, head of Taiwan securities research and semiconductors sector research at Credit Suisse Group AG, discusses the selloff in Taiwan stocks.(Source: Bloomberg)

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By Moxy Ying and Cindy Wang

May 12, 2021 at 3:16 AM UTC

Updated on

May 12, 2021 at 6:43 AM UTC

This article is for subscribers only.

Taiwan stocks slumped the most since March last year as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.

The Taiwan Stock Exchange Weighted Index finished the session 4.1% lower after slumping as much as 8.6% in morning trading, the worst intraday loss since 1969. Having fallen 9.6% from an April high, the gauge narrowly missed a technical correction. Taiwan Semiconductor Manufacturing Co., which has a 30% weighting in the benchmark, settled 1.9% lower after tanking as much as 9.3%.