P. M. BRIEFING : Taiwan Stocks Fall Record 6.7%
<i> From Times Wire Services</i>
TAIPEI, Taiwan —
Taiwan stocks plummeted a record 6.7% today as the market was bathed in pessimism after continuous sharp losses this month, dealers said.
Almost every issue dropped sharply in the opening minutes, and then turnover completely dried up as no buyers appeared. “No one is buying because of the extreme panic,” a dealer said.
The weighted index fell 441.33 points to end at 6,146.44, its lowest level since Jan. 31, 1989. Turnover fell to $949 million, the lowest since June 6, 1989.
“We can’t even see some positive support,” said David Liu of Foremost Investment Services. “We only see the market continuing to plunge.”
Taiwan’s market is now 50.8% below its record closing high of 12,495.34 on Feb. 10 this year.
