Taiwan Stock Market Plunges Amid Crude Oil Price Spike

Taiwan's stock market took a hit on September 2 as crude oil prices surged amid US attacks on Iran, sparking fears of inflationary pressures.

The Taiex, the Taiwan Stock Exchange's benchmark index, plummeted 1.67 percent to close at 46,164.72, with turnover totaling NT$918.39 billion (US$28.95 billion), down from Tuesday's NT$1.19 trillion.

Mega International Investment Services analyst Alex Huang attributed the decline to the spike in crude oil prices and its impact on US Treasury yields, which raised concerns that the Federal Reserve might increase interest rates to combat inflation.

TSMC, a tech giant accounting for over 40 percent of the market's total value, shed 2.25 percent, contributing significantly to the Taiex's fall.