Well, it was a rough day in Taiwan.
The Taiex fell the most since November amid what traders called a wave of selling by foreign investors dumping big-caps amid “heightened risk aversion.”
Yes, “heightened risk aversion.” In other words: “they’re selling because of Trump and Kim”.
The index was extending a two-day decline and although foreigners may have been selling, the government was apparently buying. Or at least according to Taipei-based Economic Daily News who claimed that no fewer than eight government-run banks stepped in on Wednesday to buy some NT$1.96 billion of shares.
Well they didn’t show up on Thursday. Or if they did, they were not very effective. Here’s the visual:
So that sucks, right? Fortunately, the index was trading at a goddamn 27-year high hit Monday, so there’s some room for a “healthy” correction.
Obviously, that didn’t bode well for the Hang Seng, which fell more than 1%, extending its own two-day decline:
All of this added to a generalized sense of angst in the overnight sessions, proving we are not, in fact, out of the woods yet.