Taipei, Taiwan's shares took a beating Thursday, dropping below the 10,700-point mark as a looming trade war between the United States and China sent Asian stock markets into a downward spiral.
The Taiwan Stock Exchange's main index closed down 110.06 points, or 1.03 percent, at 10,611.81, after moving between 10,585.27 and 10,709.80. Turnover totaled NT$130.396 billion (US$4.28 billion) during the session.
Amid worry over a U.S.-China trade war, the market opened down 30.96 points at 10,690.91 and moved even lower, falling below 10,600 at one point during the day's trading.
Selling focused on large-cap stocks in the bellwether electronics sector and also spread to heavyweights in other sectors.
All the major stock categories lost ground, with plastics issues suffering the biggest losses of 2.41 percent, followed by paper and pulp sector shares, which fell 1.55 percent, and machinery and electronics sector shares, which dropped 1.29 percent.
Losers outnumbered gainers 676 to 155, with 81 stocks remaining unchanged.
In the electronics sector, Largan Precision Co., the most expensive stock on the local bourse and a smartphone camera lens supplier to Apple, was relatively resilient, surging 2.02 percent to end at NT$4,540.
Analysts said the performance of the local bourse going forward will hinge on domestic investor sentiment since there are no signs that foreign investors will return to the domestic market soon amid a looming full-scale trade war between the China and the U.S. as they escalate their threats of new retaliatory tariffs.
Foreign institutional investors sold a net NT$6.03 billion-worth of shares on the main board Thursday, according to the Taiwan Stock Exchange.
Source: Focus Taiwan News Channel