Taiwan stocks sink nearly 9% on virus woes, tech rout

People wearing protective face masks wait for the metro, during the coronavirus disease (COVID-19) pandemic, in Taipei, Taiwan, May 11, 2021. REUTERS/Ann Wang

TAIWAN stocks plunged as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.

The Taiwan Stock Exchange Weighted Index (Taiex) was in freefall during mid-morning trading, slumping as much as 8.6% before paring the losses to 5.9% as of 12:22 p.m. local time. Heavyweight Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. were among the biggest drags, and more than a hundred stocks on the gauge fell by the daily 10% limit.