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Bear Market Looms for Taiwan Stocks After a Chipmaker-Led Slump

  • Chip stocks, including TSMC, lead declines after BofA report
  • National Financial Stabilization Fund closely monitors market
Updated on

Taiwan’s stock benchmark index slumped on Thursday, taking its decline from a January high to over 19% and just points away from a so-called bear market.  

The Taiex gauge closed 2.7% lower in Taipei, the worst performer in Asia. It was dragged by chipmakers after Bank of America took a cautious view on the industry’s growth prospects. Taiwan Semiconductor Manufacturing Co., which accounts for more than a quarter of the index’s weighting, dropped 3.1%.