Taiwan stocks plunge 784 points, but Taishin Shin Kong Financial hits record high as 710,000 shareholders celebrate

Taiwan’s stock market plunged 784 points on Wednesday, but Taishin Shin Kong Financial moved in the opposite direction and reached a record high. The sharp contrast delighted the company’s more than 710,000 shareholders.

The benchmark index opened lower and continued falling as heavyweight electronics stocks, including Taiwan Semiconductor Manufacturing Co., Delta Electronics and Taiwan Printed Circuit Board, led the decline. The three major institutional investor groups recorded combined net selling of NT$115 billion.

Investment funds also turned to net selling overall, disposing of NT$3.318 billion in shares. Yet they continued buying Taishin Shin Kong Financial, adding 9,172 lots on Wednesday for a seventh straight session of net purchases. Foreign investors joined the buying, purchasing 4,506 lots.

Supported by the two groups, the stock opened lower but surged during the session. It closed up 2.23% at NT$41.20, setting a new record high. Taishin Shin Kong Financial ranked first among the 10 stocks most heavily bought by investment funds that day, followed by SinoPac Financial, Wistron, E.SUN Financial, CTBC Financial, First Financial, Cathay Financial, Mega Financial, Chang Hwa Bank and Nan Ya Plastics.