Taiwan shares tumble before MSCI downgrade goes into effect

Focus Taiwan
Date: 11/30/2020
By: Frances Huang

Taipei, Nov. 30 (CNA) Shares in Taiwan took a beating Monday, ending sharply lower after expanded turnover and giving up earlier gains, with selling escalating in the late trading session ahead of Taiwan's weighting in three MSCI Inc. indexes being reduced later in the day, dealers said.

Selling focused on large cap stocks, in particular in the bellwether electronics sector, while select old economy and financial stocks also came under pressure, pushing the broader market down further by the end of the session, they said.

The weighted index on the Taiwan Stock Exchange (TWSE) or the Taiex ended down 144.20 points, or 1.04 percent, at the day's low of 13,722.89, after coming off a high of 13,969,39, on turnover of NT$383.58 billion (US$13.32 billion), the highest in the history of the local equity market.

The market opened up 0.36 percent and soon rose to the day's high with investors encouraged by the all-time high on the tech-heavy Nasdaq index, which rose 0.9 percent Friday, to pick up large electronics stocks, dealers said.    [FULL  STORY]

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