Taiwan: Stocks tumble as economic woes hit tech firms

[TAIPEI] Taiwan stocks sank on Monday as semiconductor firms were knocked by a worsening outlook for the trade-reliant economy.

Bellwether TSMC was off 2.9 per cent, while Mediatek dropped limit down 10 per cent.

As of 0137 GMT, the main TAIEX index fell 1.9 per cent, to 8,497.42 points, after closing up 0.2 per cent in the previous session.

The electronics subindex sank 2.3 per cent, while the financials subindex lost 1.4 per cent. The semiconductor subindex tumbled 3.2 per cent.

On Friday, Taiwan reported its lowest quarterly economic growth in three years as a collapse in exports took a toll on tech manufacturers.

The Taiwan dollar firmed T$0.073 to T$31.609 per US dollar.

REUTERS