Taiwan stocks slump

Taiwan stocks fell 1.69 percent in their worst one-day percentage slide in about six weeks on Thursday, prompted by concerns gains in the last few weeks have been too fast. Taiwan's market has risen 10 percent since January 14, when President Ma Ying-jeou was re-elected. However many companies have reported subdued first quarter outlooks, while global economic growth is expected to contract further.
The main TAIEX index closed down 135.54 points or 1.69 percent, its biggest one-day percentage fall since early January. Among the hardest hit, automobiles, machinery and financials all dropped over 2.5 percent. They had outperformed the main index since mid-January. The Taiwan dollar weakened slightly to trade at T$29.563. Foreign investors were net buyers on Wednesday, bringing their total buying to T$36.24 billion this month.