Taiwan Stock Market Plummets Amid US Recession Fears
Taiwan’s stock market experienced a historic crash on August 5, 2024, marking its worst performance in nearly six decades. The Taiex index plunged 8.4%, recording its most significant single-day decline since 1967.
JUST IN:
— Watcher.Guru (@WatcherGuru) August 5, 2024Taiwan's stock market suffers worst losses since 1967.
This unprecedented drop was largely driven by fears of a US recession and a sharp decline in Taiwan Semiconductor Manufacturing Co (TSMC) stocks.
Also Read: Top 2 Cryptocurrencies To Watch in August 2024
Impact of TSMC Decline and Export-Oriented Companies on Taiwan’s Stock Market
TSMC’s Record-Breaking Stock Plunge
TSMC, Taiwan’s largest company, saw its stock price fall by 9.8%, a record daily decline. The following Bloomberg chart vividly illustrates this dramatic drop:
This chart displays TSMC’s daily price change percentage from 1995 to 2024. The recent decline is the most severe in decades, appearing as a sharp downward spike at the chart’s end.
Factors Behind Market Volatility
The Taiwan stock market’s ups and downs were caused by a few things. Fears of a US recession had a big impact, as Taiwan’s economy depends greatly on selling to America. Also, changes in the yen’s value led to selling assets bought using cheap Japanese money.
Also Read: Cardano ADA’s Surge to $0.765: Saving $3.75B in Losses
Ripple Effects Across Asian Markets
Taiwan’s market crash was mirrored across Asia. Japan’s indices entered bear market territory, while South Korea’s Kospi index tumbled by over 9%. These declines were driven by these economies’ export-oriented nature and dependence on the US market.
Financial Stabilization Efforts Initiated
The Taiwanese Finance Ministry said it would closely watch local and foreign markets. This aims to reduce further volatility and protect investors.
Also Read: Top 3 Cryptocurrency To Buy During The Market Crash
As Taiwan deals with this market turmoil, its stock market’s performance could affect global trade and economic ties, especially in the tech sector where TSMC is key.
Read More
Taiwan Stock Market Plummets Amid US Recession Fears
Taiwan’s stock market experienced a historic crash on August 5, 2024, marking its worst performance in nearly six decades. The Taiex index plunged 8.4%, recording its most significant single-day decline since 1967.
JUST IN:
— Watcher.Guru (@WatcherGuru) August 5, 2024
This unprecedented drop was largely driven by fears of a US recession and a sharp decline in Taiwan Semiconductor Manufacturing Co (TSMC) stocks.
Also Read: Top 2 Cryptocurrencies To Watch in August 2024
Impact of TSMC Decline and Export-Oriented Companies on Taiwan’s Stock Market
TSMC’s Record-Breaking Stock Plunge
TSMC, Taiwan’s largest company, saw its stock price fall by 9.8%, a record daily decline. The following Bloomberg chart vividly illustrates this dramatic drop:
This chart displays TSMC’s daily price change percentage from 1995 to 2024. The recent decline is the most severe in decades, appearing as a sharp downward spike at the chart’s end.
Factors Behind Market Volatility
The Taiwan stock market’s ups and downs were caused by a few things. Fears of a US recession had a big impact, as Taiwan’s economy depends greatly on selling to America. Also, changes in the yen’s value led to selling assets bought using cheap Japanese money.
Also Read: Cardano ADA’s Surge to $0.765: Saving $3.75B in Losses
Ripple Effects Across Asian Markets
Taiwan’s market crash was mirrored across Asia. Japan’s indices entered bear market territory, while South Korea’s Kospi index tumbled by over 9%. These declines were driven by these economies’ export-oriented nature and dependence on the US market.
Financial Stabilization Efforts Initiated
The Taiwanese Finance Ministry said it would closely watch local and foreign markets. This aims to reduce further volatility and protect investors.
Also Read: Top 3 Cryptocurrency To Buy During The Market Crash
As Taiwan deals with this market turmoil, its stock market’s performance could affect global trade and economic ties, especially in the tech sector where TSMC is key.
Read More