Taiwan stocks at two-year low

Taiwan stocks shed 3.55 percent on Friday to close at a two-year low, as investors continued to dump risky assets on worries over a global recession. The TAIEX fell 259.28 points to 7,046.22, after opening down 2.79 percent. The index had fallen over 4.2 percent earlier in the session, and is now down 21.5 percent year for the year to date.
The index would see support at 6,800 after it broke the last support at 7,148 on Thursday, according to Michael On, a managing director of Beyond Asset Management. Department store counters and cement firms were the biggest drags, down 5.97 percent and 5.75 percent respectively. The Taiwan dollar last stood 0.66 percent weaker at T$30.572. Foreign investors were net sellers on Thursday, bringing their total selling at T$66.808 billion this month. They have been net sellers each month since May this year.