Taiwan stocks slump 4.5 per cent on US mortgage exposure woes
|
|
|
| Posted
:
Tue, 15 Jul 2008 08:12:00 GMT |
| By
:
DPA |
| Category
:
Business |
| News Alerts by
Email ( click
here ) |
|
Business News |
Home
|
|
|
|
Taipei - Taiwan stocks slumped 4.5 per cent Tuesday to hit their lowest level in 52 weeks, weighed down by Wall Street's overnight fall and the local financial sector's exposure to troubled US mortgage firms, dealers said. The Weighted Price Index of the Taiwan Stock Exchange, which opened sharply lower, plunged 322.72 points, or 4.5 per cent, to close at 6,834.24, compared with the previous day's trade. Dealers said jittery selling started immediately after the market opened, with financials suffering a deep fall on reports that some Taiwanese financial companies have exposure of about 500 billion Taiwan dollars (16.4 billion US) to instruments issued by US mortgage financiers Fannie Mae and Freddie Mac, which reported steep declines in values last week. All eight major sectors plunged, with construction losing 6.5 per cent to become the biggest loser of the day, followed by financials' 5.8 per cent, cement's 5.1 per cent and petrochemicals' 5.1 per cent.
Copyright DPA
|
|
|
|
|
|
Related News
Taiwan envoy to meet Chinese leader at APEC summit
Taipei - A Taiwan envoy Monday said he would exchange views with Chinese President Hu Jintao on a trade pact the island wants to sign with the mainland, on the sidelines of the Asia-Pacific Economic Cooperation summit in Singapore. I will meet with ...
German industrial production jumps 2.7 per cent in September
Berlin - German industrial production jumped more than forecast in September, data released Monday showed, adding to signs of recovery in Europe's biggest economy. Adjusted for price and seasonal changes, output rose by 2.7 per cent in September, to ...
Editor quits China's top finance magazine
Beijing - The editor of China's top financial magazine Caijing has resigned to take an academic post, officials said on Monday, amid rumours of a rift between senior staff and the magazine's owners. Hu Shuli left Caijing after weeks of speculation an...
Singapore's central bank warns of escalation in property market
Singapore - Singapore's central bank on Monday said that more measures might be needed to counter speculation in the city-state's property market, as there was a risk of an escalation. As Singapore emerges from recession and with the market expectin...
Czech jobless rate falls slightly to 8.5 per cent
Prague- The Czech Republic's unemployment rate fell a notch, to 8.5 per cent, in October, down from 8.6 per cent the previous month, the Ministry of Labour and Social Affairs said Monday. The slight decline, however, does not signal an end to the eco...
Thai shares up 2.13 per cent on Moody's upgrades
Bangkok - Thai shares jumped 2.13 per cent Monday on a return of investor confidence in the region, brokers said. The Stock Exchange of Thailand index ended at 713.48, up 14.85 points. ...
South Africa first female central banker begins work
Johannesburg - South Africa's first female central bank governor, Gill Marcus, began work Monday. Marcus, 60, is a former deputy governor of the bank and former deputy finance minister as well as ex-chairwoman of Absa, South Africa's biggest retail b...
|
|
|
|
|
|
|
|
