Taiwan’s benchmark index dropped more than 4% on Tuesday after the return from a holiday, dragged by the plummet of Taiwan Semiconductor Manufacturing Company as investors reacted to the new U.S. export controls on high-end tech.
On October 7, the U.S. Department of Commerce’s Bureau of Industry and Security implemented a series of targeted updates to its export controls as part of BIS’s ongoing efforts to protect U.S. national security and foreign policy interests.
The implementation is seen as a limitation of China’s ability to get its hands on high-end tech such as semiconductors that Washington believed will be used in military operations.
The Taiwan SE Weighted Index dropped 4.09% as of 12:08 BKK time, dragged by the falling share price of Taiwan Semiconductor Manufacturing Company (TSMC) that fell 7.65% and had an impact of 2.17% to the main index.
