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Taiwan: Stocks down on Wall Street tumble; tech, chips skid

Taiwan on Tuesday gave the green light for a US$15.3 billion fund to stabilise its troubled stock market, after fears of a slowdown in China sent shares diving.

[TAIPEI] Taiwan stocks fell on Friday, as steep declines on Wall Street and tech shares in particular hit Asian markets.

As of 0159 GMT, the main TAIEX index fell 1.8 per cent, to 7,887.97, after closing up 0.1 per cent, at 8,029.81, in the previous session.

Continued signs of a slowdown in China are sparking selloffs in markets worldwide, including a 2 per cent drop in the Dow Jones and a 2.82 per cent stumble in the Nasdaq.

Tech industry bellwether Apple Inc dropped 2 per cent overnight Thursday, a worrying signal for its vast Asian supply chain.

Adding to concerns, Taiwan's export orders contracted by a wider-than-expected margin in July, data released on Thursday showed.

The electronics subindex sank 1.9 per cent, while the financials subindex lost 2.0 per cent.

Semiconductors slid 2.2 per cent, while optoelectronics suffered a 2.94 per cent drop.

The Taiwan dollar firmed T$0.035 to T$32.643 per US dollar.


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