TAIEX retreats on US, Trump worries

ENTANGLEMENTS:Wall Street’s 372-point plunge overnight sent Asian markets reeling, as Donald Trump’s political woes outweighed hopes of a tax reform, an analyst said

Taipei Times
Date: May 19, 2017
By: Staff writer, with CNA

Taiwanese shares closed lower yesterday on the back of heavy losses on Wall Street overnight as investors at home and abroad feared that US President Donald Trump could face impeachment amid reports of meddling in a probe into his former national security adviser, dealers said.

However, the weighted index recovered most of its earlier losses after it dropped below the 9,900-point level, which prompted bargain hunters to pick up select market heavyweights until the end of the session, they said.

The TAIEX closed down 44.22 points, or 0.44 percent, at the day’s high of 9,969.45, off an early low of 9.895.65, on turnover of NT$83.29 billion (US$2.76 billion), Taiwan Stock Exchange data showed.

The market fell 0.61 percent to below 10,000 points on opening and continued selling pushed the index further below 9,900 points in the wake of a 372-point dive on Wall Street overnight.    [FULL  STORY]

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