Taiwan’s stock exchange will hold a press conference on Monday to calm investor fears after markets in many major Asian economies plunged on Monday.
Stocks fell over seven per cent in morning trade in Taiwan, with tech shares, including of TSMC, nosediving as investors sold off their stakes in one of Asia’s top performing markets this year.
The Nikkei in Japan opened lower on Monday, extending losses to 10 per cent, amid fears of a recession in the US.
South Korea’s Kospi also plunged by over seven per cent while Singapore’s Straits Times Index and Australia’s All Ordinaries slid more than three per cent, reported Nikkei Asia.
Investors are selling Japanese stocks due to concerns about the US market heading towards a recession, said Naka Matsuzawa, chief strategist at Nomura Securities.
“The fall is not really happening due to Japan-specific reasons,” he told Nikkei Asia. “Markets are still trying to find the bottom.”
He suggested taking a “wait and see approach” until US stocks show resilience.
More follows.