Shares in Taiwan lost momentum and closed below the 9,200-point mark Friday, amid global concerns over a financial crisis at Deutsche Bank, Germany's largest bank.
The weighted index on the Taiwan Stock Exchange (TWSE) ended down 104.05 points, or 1.12 percent, at 9,166.85 Friday, after moving between 9,240.65 and 9,160.91. Turnover totaled NT$72.71 billion (US$2.32 billion) during the session.
Deutsche Bank is facing a US$14 billion fine from the U.S. authorities on claims that the bank mis-sold mortgage-backed securities in 2007, and there have been concerns that it will not be able to pay the fine, which could trigger a financial crisis, according to foreign media reports.
Amid the Deutsche Bank crisis, shares of Deutsche Bank fell 7 percent Thursday, while stocks in Germany and the United States also fell. On Friday, the stock markets in Japan and South Korea dropped 1.3 percent and 1 percent, respectively.
In Taiwan, shares in the financial services industry and in the old economy sector were weak, with Formosa Chemicals and Fibre Corp. (??) down 1.29 percent at NT$84.3 and Formosa Petrochemical Corp. (???) down 1.77 percent at NT$94.2.
In financial shares, Fubon Financial Holdings (???) closed down 1.07 percent at NT$46.3 and Cathay Financial Holdings (???) ended down 1.47 percent at NT$40.1.
Meanwhile, news of a fire hazard affecting Apple Inc.'s latest iPhone 7 smartphones also affected the performance of Apple concept stocks. Taiwan Semiconductor Manufacturing Co. (TSMC, ???) dropped 1.62 percent to end at NT$182.5, Largan Precision Co. (???) closed down 1.69 percent at NT$3,780, and Hon Hai Precision Industry Co. (??) ended down 1 percent at NT$79.
Source: Focus Taiwan News Channel