Broad Market Plunges Below 44,000
Taiwan stocks opened down 76.69 points at 44,180, then volatility intensified, with selling pressure emerging near midday and losses widening into the close. The intraday high-low swing reached 1,581.74 points, and the market closed down 1,165.28 points, or 2.63%, at 43,091.87, falling below the 44,000 level, with turnover reaching NT$1.01 trillion. Small and mid-caps also came under pressure. The OTC index opened up 0.47 points at 344.58, climbed to 352.57 intraday, but turned negative near midday, closing down 8.38 points, or 2.44%, at 335.73, with turnover of NT$278.319 billion.
Institutions Diverge as Investment Trusts Extend 23-Session Buying Streak
The three major institutional investors posted combined net buys of NT$5.161 billion, diverging from the broader market. Foreign investors sold for an 11th straight trading session, cutting holdings by NT$684 million. Investment trusts bought for a 23rd straight trading session, adding NT$12.385 billion, becoming the main source of institutional buying support. Proprietary dealers swung from buys to sells, posting net sells of NT$2.98 billion in proprietary trading, while hedging positions also turned to net sells, cutting NT$3.56 billion. Overall, despite the market plunging more than 1,000 points, continued buying by investment trusts kept institutions in net-buy territory, with foreign investors and investment trusts continuing to move in opposite directions.
Investment Trusts Add Financial Holdings With Clear Divergence
Looking at investment trusts' top buys and sells today, the top five net buys were CTBC Financial, Cathay Financial, Fubon Financial, Uni-President and Taiwan Glass, while the top five net sells were Taishin Shin Kong Financial, KGI Financial, E.SUN Financial, Mega Financial and UMC. Financial stocks dominated both the buy and sell rankings, with CTBC Financial, Cathay Financial and Fubon Financial seeing additions, while Taishin Shin Kong Financial, KGI Financial, E.SUN Financial and Mega Financial were trimmed. Today's top five stocks by volume were Taiwan Glass, AUO, Innolux, Fulltech and Nan Ya Plastics, and the top five by value were TSMC, MediaTek, Nan Ya Plastics, Taiwan Glass and Fulltech.
Heavyweights Weaken as TSMC Falls NT$55
Heavyweight stocks were broadly weak today. TSMC opened down NT$10 at NT$2,385, touched an intraday low of NT$2,330, and closed down NT$55, or 2.3%, at NT$2,340, dragging the broader market by about 421 points. MediaTek was briefly strong in early trade, opening up NT$60 at NT$4,050 and retaking the NT$4,000 level, but selling emerged after midday, and it closed down NT$140, or 3.51%, at NT$3,850. Delta Electronics opened down NT$10 at NT$1,285, briefly turned positive in early trade, then fell with the broader market, closing down NT$55, or 4.25%, at NT$1,240. U.S. stocks closed higher across the board on Wednesday, with CoreWeave's third-quarter revenue beating expectations and raising its full-year forecast, sending its shares surging nearly 25%, while the Philadelphia Semiconductor Index jumped more than 5.6% and TAIFEX night-session futures rose 470 points, but Taiwan stocks failed to sustain the momentum.