TAIPEI (TVBS News) — The Taiwan Stock Exchange experienced a significant drop at the opening bell on Friday (May 24), plunging over 200 points before making a modest recovery to 21,500 points.
Major tech stocks, including Taiwan Semiconductor Manufacturing Company (台積電, TSMC), MediaTek (聯發科), and Foxconn (鴻海), faced initial declines but saw slight recoveries as the trading day progressed.
At the start of trading, TSMC opened 17 points lower at NT$858 but managed to climb back to NT$868. Similarly, MediaTek faced a 15-point drop to NT$1,190, and Foxconn experienced a minor dip of 0.29% to NT$172.5. These fluctuations highlight the volatile nature of the market, influenced by both domestic and international factors.
Li Yung-nien (李永年), a market analyst, pointed out that the downturn in Taiwan's stock market is more closely tied to recent trends in the U.S. stock market rather than military exercises by the People's Liberation Army around Taiwan a day earlier.
The U.S. stock market's downturn, attributed to a decrease in unemployment benefits claims, has dampened hopes for a rate cut by the Federal Reserve. Despite a surge in Nvidia's stock price, which soared over 9% to surpass US$1,000 and set a new record high, the overall trend in the U.S. market remained bearish.
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