TAIEX falls after Trump’s tariff pledge

INVESTOR CONFIDENCE PLUMMETS: Makers of electronic components fared the worst, with Largan Precision Co’s shares dropping 7.93 percent to NT$3,890

Taipei Times
Date: Aug 03, 2019
By: Kao Shih-ching  /  Staff reporter

The local stock market yesterday tumbled 1.7 percent as foreign institutional investors dumped a net NT$19 billion (US$605.6 million) of local shares, after US President Donald Trump announced a new 10 percent tariff on US$300 billion of Chinese imports from next month.

The TAIEX ended 182.71 points lower at 10,549.04, with turnover of NT$158.05 billion, Taiwan Stock Exchange (TWSE) data showed.

The plunge was led by large-cap stocks and mobile phone and notebook computer manufacturers, as the two electronic devices are among the products on the tariff list.

With US$45.8 billion of smartphones and US$38.7 billion of notebooks expected to be included in the new tariff list, investor confidence regarding the two industries has weakened, Capital Investment Trust Corp (群益投信) fund manager Daniel Tsai (蔡彥正) told the Taipei Times by telephone.    [FULL  STORY]

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