Taiwan shares dip below 20,000 points amid Middle East tensions

Taipei, April 16 (CNA) Shares in Taiwan plunged below the 20,000-point mark Tuesday as tensions in the Middle East continued to weigh on global markets, including Taiwan's, dealers said.

Selling was seen across the board in both the electronics and non-tech sectors, led by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock in the local market, dealers added.

As of 11:16 a.m., the Taiwan Stock Exchange's benchmark weighted index, was down 501.37 points, or 2.45 percent, at 19,948.40 on turnover of NT$345.37 billion (US$10.62 billion).

TSMC was down 2.11 percent at NT$789.00, and its losses contributed about 140 points to the Taiex's decline as of 11:16 a.m.

Among other tech heavyweights, iPhone assembler Hon Hai Precision Industry Co. had lost 4.45 percent to NT$139.50, and smartphone IC designer MediaTek Inc. had fallen 4.95 percent to NT$1,055.00.

The two stocks are the second and third largest in the local market in terms of market value after TSMC.

In the non-tech sector, Formosa Plastics Corp. had lost 2.01 percent to NT$68.20, and Nan Ya Plastics Corp. was down 3.15 percent at NT$55.40 at 11:16 a.m. In addition, food brand Uni-President Enterprises Corp. had fallen 2.35 percent to NT$74.90.