TAIPEI (TVBS News) — Taiwan's stock market plunged 1,489.12 points on Monday (March 9), the fourth-largest point drop in the benchmark index's history, as geopolitical tensions rattled global markets. The TAIEX closed at 32,110.42 points, representing a 4.43% decline that mirrored global market trends affected by the escalating conflict in Iran. The closure of the Strait of Hormuz for over a week has driven global oil prices higher, sparking inflation concerns worldwide.
TSMC (台積電), Taiwan's largest chipmaker, saw its share price drop by NT$80 (around US$2.51), closing at NT$1,810 (around US$56.78). The 4.23% decrease marks the third-largest percentage drop in the company's history, reflecting broader technology sector weakness amid global market turmoil. MediaTek (聯發科) and Foxconn (鴻海), two other major Taiwan tech companies, also declined significantly, with shares falling by NT$100 (around US$3.14) and NT$12.5 (around US$0.39), respectively.
The slump followed a downturn in U.S. markets last Friday (March 6), where all four major indices fell amid escalating geopolitical concerns. TSMC's American Depositary Receipts (ADR) dropped by 4.2%, contributing to weekly declines of 7.2% and 9.5% as investors fled technology stocks. The Strait of Hormuz, a critical oil shipping route, has remained closed for over a week, driving global oil prices higher and intensifying inflation fears.
Kash Securities (凱旭證券) investment advisor Li Yung-nien (李永年) noted that the downturn's severity ties closely to the ongoing U.S.-Iran conflict and Taiwan's reliance on imported energy. U.S. daylight saving time began on Sunday (March 8), adjusting stock market opening time from 10:30 p.m. to 9:30 p.m. Taiwan time for local investors tracking American markets. Research suggests this timing change might lead to further declines in Taiwan trading as investors react to overnight U.S. developments. ◼ (At time of reporting, US$1 equals approximately NT$31.88)
