Taiwan: Stocks fall; Mega Financial plunges after NY branch fined by regulators

[TAIPEI] Taiwan stocks fell on Monday, weighed down by declines in Mega Financial Holding Co Ltd after its New York banking branch was fined US$180 million by New York State's financial services department for anti-money laundering violations that included lax attention to risk exposure in Panama.

The main Taiex index was down 1.0 per cent at 8,948.44 as of 0419 GMT, after closing 1.3 per cent lower in the previous session.

State-run Mega Financial plunged as much as 7.4 per cent in its biggest intraday per centage loss in nine years and hit its lowest since April 11, sending financials shares lower by 1.8 per cent.

Electronics shares were off 0.7 per cent.

The Taiwan dollar softened NT$0.222 to NT$31.840 per US dollar.

REUTERS