Taiex tumbles more than 5% Monday morning amid Middle East war

Taipei, March 9 (CNA) Taiwan's stock market plunged more than 5 percent in the early Monday morning session, as a sell-off was sparked by the ongoing military conflict in the Middle East, which has sent international crude oil prices higher, dealers said.

As of 9:36 a.m., the Taiex, the Taiwan Stock Exchange (TWSE)'s benchmark index, had dropped 1,818.00 points, or 5.41 percent, to 31,781.54. At one point, the index plunged more than 2,000 points just after the opening.

Dealers said a spike in international crude oil prices has raised concerns over the possible impact on the global economy, while inflationary pressure could intensify, interrupting the U.S. Federal Reserve's rate-cut cycle.

Large-cap tech stocks led the Taiex's plunge on Monday, with contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), which accounts for more than 40 percent of total market value, dropping 5.29 percent to NT$1,790.00 as of 9:36 a.m.

As of that time, AI server maker and iPhone assembler Hon Hai Precision Industry Co. had dropped 5.83 percent to NT$210.00, while power management solution provider Delta Electronics Inc. had slid 9.47 percent to NT$1,195.00.