By Weilun Soon
Taiwans stock market was relatively resilient on Wednesday, after the island was hit by a 7.4-magnitude earthquake.
The quake hit Taiwans east coast around 8 a.m. local time, leading to at least seven deaths and dozens of injuries, according to Taiwans fire department. It also damaged buildings and roads, and led to a loss of electricity in some areas.
The quake is the strongest to hit Taiwan since 1999, a search of the U.S. Geological Survey database showed.
-- Taiwans benchmark Taiex slipped 0.6%, amid a widespread selloff in Asia following Tuesday's U.S. market declines. Stock indexes in Hong Kong, Japan and South Korea all suffered bigger declines.
-- Taiwan Semiconductor Manufacturing Co., the chip-making giant often known as TSMC, halted work at some sites on Wednesday and will resume operations after further inspections, it said in a statement. Its shares lost 1.3%.
-- Shares in Apple supplier Foxconn Technology Group, known formally as Hon Hai Precision Industry, were unchanged after rallying earlier this week.
-- Chip maker United Microelectronics lost 1%. UMC said it evacuated employees, shut down some equipment, and is assessing damage from the quake.
The Taiex rose 27% last year, helped by investor demand for chip stocks amid growing interest in artificial intelligence. The index is up more than 13% so far this year, making it one of the best-performing stock markets in Asia.
Strong Earthquake Rocks Eastern Taiwan, Triggering Tsunami AlertsMagnitude-7.4 quake thought to be strongest to hit Taiwan since 1999Read the full article
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April 03, 2024 04:58 ET (08:58 GMT)
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