Taiwan stocks plunge, but Taishin Financial Holding hits record high on foreign buying

Taiwan's stock market suffered a severe blow on Tuesday, with the main index plummeting 1077 points. This marks the eighth-largest single-day drop in the island's stock market history, as 1613 listed companies experienced declines.

Despite foreign investors selling off 54.73 billion NT dollars worth of stocks overall, they continued their strong purchasing trend in Taishin Financial Holding. They have bought shares for three consecutive days, with Tuesday's purchases reaching 29,600 shares. This sustained interest, coupled with buying from proprietary traders, fueled a rally in Taishin Financial Holding's stock.

The company's share price climbed for the third consecutive day, briefly surpassing 35 NT dollars and hitting a new record high of 35.5 NT dollars in intraday trading. Although its gains were somewhat tempered by selling pressure from investment trusts, the stock ultimately closed up 1.75% at 34.9 NT dollars. The trading volume surged to 85,400 shares.

Other financial stocks also saw significant foreign investment, with Mega Financial Holding, Cathay Financial Holding, and Fubon Financial Holding appearing in the top 10 list of stocks bought by foreign investors. This indicates a concentrated interest in the financial sector despite the overall market weakness.