Taiwan stocks plunge almost 3 percent in early trading


AP

TAIPEI, Taiwan — Taiwan shares plunged early Monday, falling nearly 3 percent in the wake of a sharp decline Wall Street.

The Weighted Price Index of the Taiwan Stock Exchange fell 270.82 points, or 2.82 percent, to 9340.90 points after 30 minutes of trading. Earlier in the session the index fell as much as 3.5 percent.

“The selling pressure is mostly driven by the U.S. selloff, which is prompting fund managers to unwind global positions,” said Derek Lam, trader at Fubon Securities.

With selling pressure easing slightly after the opening fall, “the market’s near-term sentiment will be determined by how strong today’s bargain hunting is,” he said.

Falls were broad-based with electronics shares down 2.9 percent, financial shares down 3.3 percent, and cement shares down 4.1 percent.