Taiwan shares plunge over 600 points; turnover hits high
05/11/2021 05:29 PM
CNA photo on May 11
Taipei, May 11 (CNA) Shares in Taiwan took a beating Tuesday, led by the bellwether electronics sector, as selling was sparked by a plunge suffered by tech stocks on United States markets overnight, dealers said.
The heavy losses across the board also reflected cautious market sentiment amid escalating worries over an increase in domestically transmitted COVID-19 cases, which prompted the government to tighten its measures to fend off infections by banning large gatherings, the dealers said.
The Taiex, the weighted index on the Taiwan Stock (TWSE), ended down 652.48 points, or 3.79 percent, at 16,583.13, after moving between 16,460.87 and 17,137.19. Turnover totaled NT$714.84 billion (US$25.65 billion), the highest level in history.
New rules to cut cargo hauls 10%: CAL
LEFT OUT TO DRY? A freight forwarder manager said that the capacity issue is more worrying than a rate hike, as no airlines can offer flights to offset the reduced capacity
By Kao Shih-ching / Staff reporter
The stricter anti-COVID-19 measures that the Central Epidemic Command Center (CECC) has imposed on China Airlines Ltd (CAL, 中華航空) are predicted to reduce the airline’s cargo capacity by about 10 percent, the company said yesterday, rejecting market speculation of a 50 to 80 percent cut.
A CAL official told the Taipei Times that the center’s measures, dubbed the “Down to Zero 2.0” plan, had been misunderstood, as many thought that all 1,279 CAL pilots would immediately stop flying and be quarantined at government centers.
TAIEX shares dive 3.79%; turnover highest recorded
HEAVY LOSSES: Concerns about an increase in domestic COVID-19 cases and an overnight plunge in technology stocks in the US caused the sell-offs, local dealers said
Staff writer, with CNA
The TAIEX took a beating yesterday, led by the bellwether electronics sector, as an overnight plunge in technology stocks on US markets sparked selling.
The heavy, across-the-board losses also reflected cautious market sentiment amid worries over an increase in domestically transmitted COVID-19 cases, which prompted the government to tighten its disease prevention measures, including by banning large gatherings, dealers said.
The TAIEX closed down 652.48 points, or 3.79 percent, at 16,583.13. Yesterday’s decline was the third-worst ever, trailing only a plunge of 660.72 points (5.75 percent) on Oct. 11, 2018, and a drop of 696.97 points (6.31 percent) on Jan. 30 last year, Taiwan Stock Exchange
Taiwan shares rebound, end above 17,200 points
05/07/2021 04:53 PM
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Taipei, May 7 (CNA) Shares in Taiwan continued their momentum from a session earlier to move sharply higher, pushing up the benchmark index on the main board to top the 17,200-point mark, as investors were encouraged by a rally on U.S. markets overnight, dealers said.
The bellwether electronics sector led the upturn in the wake of strong bargain hunting taking advantage of a correction suffered by large tech stocks in the week s previous sessions, while large cap old economy stocks appeared mixed, as market attention focused on their tech counterparts, the dealers said.