TAIEX closed at 41,603.36 on July 28, 2026, down 2,030.83 points from the previous session — third-largest closing point drop on record, per CNA

ANK-Doc ID: ANK-2026-07-28-003 版本: v1.0.0 發布日期: 2026-07-28 作者: 沈觀（總編輯，auto AI 構造化） Category: Taiwan stock market after-hours report / semiconductor heavyweights (Storm Media main article plus CNA and Cnyes media aggregation; source limits: see Scope and Caveats) Covered articles: storm#1721208 (main article; Storm Media after-hours flash, 2026-07-28) plus 14 pieces added through full-library search at writing stage: cna#1720840, cna#1721091, cna#1720171, cna#1718828, cna#1721337, cna#1720970 (CNA same-day market, institutional flows and futures coverage), storm#1723814 (Storm Media, Asian semiconductor contagion, 2026-07-28), cnyes#1717941 (Cnyes, US market close of 2026-07-27 ET), cnyes#1720845 (Cnyes, heavyweight limit-down tally, 2026-07-28), cnyes#1692242 (Cnyes, US market close of 2026-07-24 ET), cna#1673741 (CNA, Taiwan market of 2026-07-24), cna#1709335 and cna#1709369 (CNA, 2026-07-27 market and leverage-warning coverage), and cna#1627908 (CNA, 2026-07-21 record closing point gain, same-month contrast) Selection method: Rank 1 candidate of the daily selector run ANKRUN-20260728184334 (article_id=1721208, source_type=storm, empty chain). Transparency statement: the selected main article is a single after-hours flash used as the starting point; the other 14 sources were added at writing stage via asql full-library search (same entities: TSMC / MediaTek / TAIEX; same event chain: US SOX index → Asian market contagion → the run-up to this decline), each labeled with its report date and layer (CORROBORATE / ADD_EVIDENCE / CONNECT / CONTEXTUALIZE); multi-source selection is not simulated. This card carries no Wikidata Q identifiers (no registry verification was performed this shift; when in doubt, leave it out).

TL;DR

Taiwan's TAIEX opened at 43,221.93 on July 28, 2026, fell throughout the session and closed at 41,603.36, down 2,030.83 points (4.65%) from the previous trading day (storm#1721208). CNA reported this as the third-largest closing point drop on record, with turnover rising from the previous session to NT$809.482 billion (8,094.82億) (cna#1720840). Intraday, the index fell as much as 2,069.19 points from the previous session — the fifth-largest intraday single-day point drop on record per CNA — with a session low of 41,565.00 (cna#1720171). Among heavyweights: TSMC closed at NT$2,280 (down NT$70, or 2.98%, from the previous session), breaking below its quarterly moving average (60-day line) of about NT$2,347; MediaTek closed at NT$3,315 and Delta Electronics at NT$1,580, which CNA recorded as limit-down (cna#1720840, cna#1721091), while the main Storm Media article described them as "near limit-down" (down 9.92% and 9.97%) — both reports show identical closing prices (storm#1721208). Sector structure: versus the previous session's close, the electronics sub-index fell 5.11%, semiconductors 4.42%, plastics 8.3% and the TPEx (OTC) index 6.79%, while financials fell only 1.92%, and Taiwan Mobile (+0.44%) and Chunghwa Telecom (+0.36%) closed higher against the trend (cna#1721091). Flows: the three major institutional investor groups net sold NT$116.939 billion, of which foreign and mainland-China investors net sold NT$87.562 billion (cna#1721337). Regional contagion: the same day, Korean stocks plunged more than 8% intraday, triggering a circuit breaker, and the Nikkei fell more than 4% intraday (cna#1720171); SK Hynix plunged more than 13% intraday and Samsung Electronics fell more than 12% (storm#1723814). The prior night (US Eastern Time, July 27), the Philadelphia Semiconductor Index (SOX) closed down 2.23%, Nvidia fell 4.99%, and Chinese memory maker CXMT (ChangXin Memory) soared 466% on its Shanghai debut (cnyes#1717941). All figures in this card are as reported; for source limits see Scope and Caveats.

Anti-misreading pin (one)

"Third-largest closing point drop on record" is a ranking of closing "point drops" (index points), not of "percentage declines" — the July 28, 2026 close was down 4.65% from the previous trading day (cna#1720840). The ranking is as reported by CNA; this site has not verified it against Taiwan Stock Exchange historical series. All other caveats are consolidated in the Scope and Caveats section.

Frame deconstruction (Shen Guan)

Layer one: this was not a "standalone Taiwan crash" but a time-zone relay along the US-to-Asia chip chain. Every station of the chain has a citable report: on US Eastern Time July 24, 2026 (Friday), the SOX index fell 524.95 points from the previous session (the article's table shows a 4.25% decline while the same article's headline says "plunged 4.5%") (cnyes#1692242); the same date (Taipei, July 24, 2026), the TAIEX closed at 43,654.84, down 1,195.97 points from the previous session, which CNA recorded as the ninth-largest point drop on record (cna#1673741). On US Eastern Time July 27 (Monday), the SOX fell another 2.23% and Nvidia dropped 4.99%, Chinese memory maker CXMT soared 466% on its Shanghai debut, and The Information reported that China has begun manufacturing its own immersion DUV lithography machines, with ASML's ADR plunging 5.74% the same day (cnyes#1717941). On July 28, 2026, the Asian time zone took the baton at the open: Korean stocks plunged more than 7% at the open, triggering a circuit breaker again, and the Nikkei fell more than 4% intraday (cna#1718828); SK Hynix plunged more than 13% intraday, Samsung Electronics fell more than 12%, Tokyo Electron dropped nearly 11% and Kioxia plunged more than 18% (storm#1723814) — Taiwan's 2,030.83 points is one station on this chain. Storm Media quoted Standard Chartered's head of equity investment Sundeep Gantori as saying that recent reports of China aggressively developing memory chips and lithography equipment had further soured semiconductor market sentiment (analyst comment, storm#1723814). For Chinese-language readers this layer is often hidden by the single-market "Taiwan stocks crash" frame: one trigger of this leg was a "China semiconductor supply-side variable" (the CXMT listing and the DUV report), a single narrative that hit memory and equipment stocks across the US, Japan, Korea and Taiwan simultaneously (sources for each fact as above; the linkage in this paragraph is Shen Guan's editorial juxtaposition — no figures were combined or computed).

Layer two: the decline was highly concentrated, not across the board. CNA's closing sector figures: versus the previous session, the electronics sub-index fell 5.11%, semiconductors 4.42%, plastics 8.3% and the TPEx (OTC) index 6.79%, against only 1.92% for financials; among the three telecom carriers, Taiwan Mobile closed up 0.44% and Chunghwa Telecom up 0.36% (cna#1721091). Memory stocks were the focal point of selling: Winbond, Nanya Technology, Macronix and PSMC all closed limit-down (NT$144, NT$392.5, NT$113 and NT$55.8) (cna#1721091). Taishin Securities Investment Advisory president Huang Wen-ching told CNA that Taiwan's market looks more resilient than the US or Korea because its heavyweight capitalization is spread across the broad AI-infrastructure supply chain, but that a bottom would first require Korean memory stocks to stabilize, Taiwan's electronics heavyweights to hold and foreign selling pressure to ease (analyst comment, not official; cna#1721091).

Layer three: record-class single-day moves clustered within a single month, against a high-leverage backdrop. As reported separately: on July 21, 2026 the TAIEX closed at 44,232.87, up 1,783.17 points (4.2%) from the previous session, which CNA reported as the largest closing point gain on record (cna#1627908; for this site's earlier card see the internal citation chain, ANK-2026-07-22-003); on July 24, 2026 it fell 1,195.97 points from the previous session, the ninth-largest point drop on record (cna#1673741); on July 28, 2026 it fell 2,030.83 points from the previous session, the third-largest closing point drop on record (cna#1720840) — three single-day moves labeled record-class by CNA within the same month (this juxtaposition is Shen Guan's editorial compilation; each figure has its own source and none were combined or computed). The documentable backdrop is the leverage series: one day before the plunge (July 27, 2026), CNA reported Fubon Investment Advisory chairman Chen Yi-kuang's observation that margin debt on Taiwan-listed stocks had expanded from a low of just over NT$200 billion in April 2025 to a peak of NT$630 billion in early July 2026, that the market-wide margin maintenance ratio hit a low of 143.49% on July 20, 2026 — at one point approaching the 130% margin-call line — and that he called Korean stocks the global market's "canary in the coal mine" (institutional observation, not official statistics; cna#1709369). This card draws no causal inference — no report available for citation says forced liquidations occurred on July 28; the card records only that the warning was published the day before the plunge.

F-Units

F-001: TAIEX closed at 41,603.36 on July 28, 2026, down 2,030.83 points (4.65%) from the previous session

Main article, Storm Media after-hours flash: the TAIEX opened at 43,221.93 on July 28, 2026, fell through the session and closed at 41,603.36, down 2,030.83 points, or 4.65%, from the previous trading day; TSMC fell NT$70 (-2.98%), Hon Hai slumped nearly 6%, and MediaTek and Delta Electronics fell 9.92% and 9.97% respectively (described by the main article as "near limit-down"); the main article's headline states "over 100 stocks near limit-down" (storm#1721208).

Clean quotable conclusion: Taiwan's TAIEX closed at 41,603.36 on July 28, 2026, down 2,030.83 points, or 4.65%, from the previous trading day.

• source: storm #1721208
• source_url: https://www.storm.mg/article/11152205
• confidence: high
• basis: news_aggregation
• period: Close of 2026-07-28, versus the previous trading day (2026-07-27)
• caveat: As reported by media; not verified by this site against the stock exchange; some fields in the main article's after-hours list contain anomalous values that this card does not cite (see Scope and Caveats)

F-002: CNA recorded July 28, 2026 as the third-largest closing point drop on record; turnover rose from the previous session to NT$809.482 billion; TSMC closed at NT$2,280, below its quarterly moving average of about NT$2,347

CNA report (reporter Wu Chia-hao): the TAIEX closed at 41,603.36 on July 28, 2026, down 2,030.83 points from the previous session — the third-largest closing point drop in its history — a 4.65% decline, with turnover rising from the previous session to NT$809.482 billion (8,094.82億); TSMC closed at NT$2,280 (down NT$70, or 2.98%, from the previous session), breaking below its quarterly moving average of about NT$2,347; MediaTek closed limit-down at NT$3,315; Hon Hai fell 5.93% from the previous session to NT$238 (cna#1720840).

Clean quotable conclusion: CNA reported the TAIEX's 2,030.83-point fall on July 28, 2026 as the third-largest closing point drop on record, with turnover of NT$809.482 billion, and TSMC closing at NT$2,280 below its quarterly moving average.

• source: cna #1720840
• source_url: https://www.cna.com.tw/news/afe/202607280122.aspx
• confidence: high
• basis: news_aggregation
• period: Close of 2026-07-28, versus the previous trading day
• caveat: "Third-largest" is CNA's stated ranking on a point-drop basis (not a percentage basis); not verified by this site against exchange historical series (see Scope and Caveats)
• layer: CORROBORATE (cross-confirms the closing figures of main article storm#1721208)

F-003: Closing sector structure on July 28, 2026 (versus the previous session) — electronics -5.11%, semiconductors -4.42%, financials -1.92%, plastics -8.3%, TPEx -6.79%; four memory stocks limit-down; Taiwan Mobile and Chunghwa Telecom closed higher

CNA report: at the July 28, 2026 close (versus the previous session), the electronics sub-index fell 5.11%, the semiconductor index 4.42%, the financial index 1.92%, the plastics index 8.3% and the TPEx (OTC) index 6.79%; Delta Electronics closed limit-down at NT$1,580; memory stocks Winbond, Nanya Technology, Macronix and PSMC all closed limit-down at NT$144, NT$392.5, NT$113 and NT$55.8; among telecom carriers, Far EasTone fell 1.4% to NT$106, Taiwan Mobile rose 0.44% to NT$114 and Chunghwa Telecom rose 0.36% to NT$141 (cna#1721091).

Clean quotable conclusion: At the July 28, 2026 close, Taiwan's electronics sub-index fell 5.11% while financials fell only 1.92%; four memory stocks closed limit-down, and Taiwan Mobile and Chunghwa Telecom closed higher against the trend.

• source: cna #1721091
• source_url: https://www.cna.com.tw/news/afe/202607280132.aspx
• confidence: medium
• basis: news_aggregation
• period: Close of 2026-07-28, versus the previous trading day
• caveat: Sector index moves as stated by CNA; Huang Wen-ching's remarks are analyst comments, not official (see Scope and Caveats)

F-004: Intraday drop of up to 2,069.19 points from the previous session on July 28, 2026 — fifth-largest intraday single-day point drop on record per CNA — with a low of 41,565.00

CNA report: on July 28, 2026 the TAIEX fell as much as 2,069.19 points intraday from the previous session, which CNA described as the fifth-largest single-day point drop on record (intraday basis), breaking below 42,000 to a low of 41,565.00; as of 11:15 a.m. the index stood at 41,654.62, down 1,979.57 points (4.54%), with turnover of NT$543.343 billion, the electronics index down 4.93% and the financial index down 2.11% (all intraday snapshots); TSMC traded as low as NT$2,270 intraday, down 3.4% (cna#1720171).

Clean quotable conclusion: The TAIEX fell as much as 2,069.19 points intraday on July 28, 2026 to a low of 41,565.00, which CNA described as the fifth-largest intraday single-day point drop on record.

• source: cna #1720171
• source_url: https://www.cna.com.tw/news/afe/202607280065.aspx
• confidence: medium
• basis: news_aggregation
• period: Intraday 2026-07-28 (including an 11:15 snapshot), versus the previous trading day
• caveat: Intraday and closing figures are different bases and not interchangeable; "fifth-largest" is CNA's stated ranking (see Scope and Caveats)

F-005: Opening contagion on July 28, 2026 — Korean stocks plunged more than 7% at the open, triggering a circuit breaker again; Nikkei down more than 4%; TAIEX early-session low of 42,030.66

CNA report: Asian markets opened sharply lower on July 28, 2026, with Korean stocks plunging more than 7%, triggering a circuit breaker again, and the Nikkei falling more than 4% (intraday); the TAIEX opened sharply lower, down more than 1,600 points, testing the 42,000 level with an early-session low of 42,030.66; TSMC's early-session low was NT$2,270 (down NT$80, or 3.4%, from the previous session), again breaking below its quarterly moving average of NT$2,347; Winbond and Nanya Technology briefly touched limit-down at NT$144 and NT$392.5 in early trading (cna#1718828).

Clean quotable conclusion: On July 28, 2026, Korean stocks plunged more than 7% at the open, triggering a circuit breaker, the Nikkei fell more than 4% intraday, and the TAIEX dropped to an early-session low of 42,030.66.

• source: cna #1718828
• source_url: https://www.cna.com.tw/news/afe/202607280020.aspx
• confidence: medium
• basis: news_aggregation
• period: Open to early session of 2026-07-28, versus the previous trading day
• caveat: The "more than 7%" Korean figure is an opening-period snapshot; another article reports "more than 8%" intraday — different points in time (see Scope and Caveats)

F-006: Intraday heavyweight limit-down tally on July 28, 2026 — more than half of the top 50 heavyweights at limit-down; TSMC alone contributed 470 index points of decline (Cnyes intraday compilation)

Cnyes report: in the afternoon session of July 28, 2026, when the TAIEX was down more than 1,800 points from the previous session, more than 60 stocks were limit-down and more than half of the top 50 heavyweights were at limit-down (including MediaTek, Delta Electronics, UMC, Unimicron, Nan Ya Plastics, Nanya Technology, Yageo, Winbond, GlobalWafers, Phison, PSMC, Macronix, Walsin Technology and Holy Stone); TSMC broke below NT$2,300 intraday, contributing 470 points of index decline, while MediaTek's and Delta's limit-downs contributed 177 and 139 points respectively (the article's own intraday compilation) (cnyes#1720845).

Clean quotable conclusion: Per Cnyes's intraday tally on July 28, 2026, more than half of Taiwan's top 50 heavyweights hit limit-down, and TSMC alone contributed 470 points of the index's decline.

• source: cnyes #1720845
• source_url: https://news.cnyes.com/news/id/6548066
• confidence: medium
• basis: news_aggregation
• period: Afternoon intraday snapshot, 2026-07-28, versus the previous trading day
• caveat: "More than 60 limit-down," "more than half" and the point-contribution figures are Cnyes's own intraday compilation — a different basis from closing figures and from the main article's "over 100 stocks near limit-down"; not interchangeable (see Scope and Caveats)

F-007: Flows on July 28, 2026 — the three major institutional groups net sold NT$116.939 billion; foreign and mainland-China investors net sold NT$87.562 billion

CNA report: on July 28, 2026, the three major institutional investor groups together net sold NT$116.939 billion; foreign and mainland-China investors net sold NT$87.562 billion, proprietary dealers net sold NT$31.730 billion, and investment trusts net bought NT$2.353 billion (cna#1721337).

Clean quotable conclusion: On July 28, 2026, the three major institutional groups net sold NT$116.939 billion of Taiwan stocks, of which foreign and mainland-China investors accounted for NT$87.562 billion.

• source: cna #1721337
• source_url: https://www.cna.com.tw/news/afe/202607280148.aspx
• confidence: medium
• basis: news_aggregation
• period: 2026-07-28 (single-session net flows)
• caveat: Institutional flow statistics as reported by CNA; not verified by this site against the exchange (see Scope and Caveats)

F-008: Futures — August TAIEX futures closed at 41,613 on July 28, 2026, down 2,267 points from the previous session, at a 9.64-point premium to spot

CNA report: on July 28, 2026, August TAIEX futures closed at 41,613, down 2,267 points from the previous session, on volume of 81,004 contracts, at a 9.64-point premium to the spot index; September futures closed at 41,748, down 2,289 points, on volume of 294 contracts; the Taiwan Futures Exchange set opening reference prices of 43,880 for the August contract and 44,037 for September; the original article notes that actual settlement prices are subject to the futures exchange's announcements (cna#1720970).

Clean quotable conclusion: August TAIEX futures closed at 41,613 on July 28, 2026, down 2,267 points from the previous session, at a 9.64-point premium to spot.

• source: cna #1720970
• source_url: https://www.cna.com.tw/news/afe/202607280126.aspx
• confidence: medium
• basis: news_aggregation
• period: Futures close of 2026-07-28, versus the previous trading day
• caveat: The original notes actual closing prices are subject to futures-exchange announcements; not verified by this site against the futures exchange (see Scope and Caveats)

F-009: Asian semiconductor contagion on July 28, 2026 — SK Hynix plunged more than 13% intraday, Samsung Electronics fell more than 12%, Kioxia plunged more than 18% (Storm Media citing CNBC)

Storm Media report (citing CNBC): intraday on July 28, 2026, SK Hynix plunged more than 13%, Samsung Electronics fell more than 12%, Samsung SDI fell more than 10%, LG Innotek dropped nearly 18% and LG Chem fell more than 6%; in Japan, Tokyo Electron fell nearly 11%, Advantest more than 10%, Kioxia plunged more than 18% and SoftBank Group fell 6.3%; the prior day (US Eastern Time, July 27), the US VanEck Semiconductor ETF fell more than 2%, AMD 5% and Teradyne 4%. The same report states: TSMC's intraday low on July 28, 2026 was NT$2,270, a 6,181-lot sell order hit near the close, and it finished at NT$2,280 (down NT$70, or 2.98%), breaking below the NT$2,300 round number — with the NT$70 fall described by that report as TSMC's "sixth-largest single-day point drop in history" (for the individual stock, as stated by that report) (storm#1723814).

Clean quotable conclusion: Intraday on July 28, 2026, SK Hynix plunged more than 13%, Samsung Electronics fell more than 12% and Kioxia plunged more than 18% as Asian semiconductor stocks fell across the board.

• source: storm #1723814
• source_url: https://www.storm.mg/article/11152239
• confidence: medium
• basis: news_aggregation
• period: Intraday 2026-07-28 (Korean and Japanese stocks); US names are US Eastern Time 2026-07-27 closes, each versus the previous trading day
• caveat: Korean/Japanese declines are that report's intraday figures, not closes; "TSMC's sixth-largest single-day point drop" is that report's claim, not verified by this site against historical series; Standard Chartered and Acadian remarks are analyst comments (see Scope and Caveats)

F-010: The prior night in the US — SOX closed down 2.23% on July 27, 2026, Nvidia fell 4.99%, CXMT soared 466% on its Shanghai debut, ASML ADR plunged 5.74%

Cnyes US market close: at the US Eastern Time July 27, 2026 (Monday) close, versus the previous session, the Philadelphia Semiconductor Index fell 264.01 points (-2.23%) to 11,554.88, the Nasdaq fell for a fourth straight session (-0.18% to 24,932.08) and the Dow rose 262.83 points (+0.51%) to 52,210.08; Nvidia slumped 4.99% to US$196.51 (which the article called its worst single-day decline since June 5, 2026); Chinese memory maker CXMT (ChangXin Memory) soared 466% on its Shanghai listing debut, Micron closed down 2.25%, SK Hynix's ADR fell 7.47% and Sandisk plunged 11.02%; The Information reported that China has begun manufacturing its own immersion DUV lithography machines, and ASML's ADR plunged 5.74%; TSMC's ADR fell 1.07% (cnyes#1717941).

Clean quotable conclusion: At the US Eastern Time July 27, 2026 close, the SOX fell 2.23%, CXMT soared 466% on its Shanghai debut, SK Hynix's ADR fell 7.47% and ASML's ADR plunged 5.74%.

• source: cnyes #1717941
• source_url: https://news.cnyes.com/news/id/6547372
• confidence: medium
• basis: news_aggregation
• period: US Eastern Time 2026-07-27 (Monday) close, versus the previous trading day
• caveat: The original notes all figures were as of press time and actual quotes prevail; Wall Street commentary is analyst opinion (see Scope and Caveats)
• layer: CONTEXTUALIZE (US backdrop on the eve of Taiwan's 2026-07-28 open)

F-011: Prelude — on US Eastern Time July 24, 2026, the SOX fell 524.95 points (table shows -4.25%; the same article's headline says 4.5%); Intel slumped 7.9%

Cnyes US market close: at the US Eastern Time July 24, 2026 (Friday) close, versus the previous session, the SOX fell 524.95 points to 11,818.89 (the article's table records a 4.25% decline while the same article's headline and body say "plunged 4.5%" — this card transcribes both); Intel slumped 7.9%, Micron 6.99% and TSMC's ADR 2.93%; the article says investors sold chip stocks on worries over massive AI spending ahead of big-tech earnings (cnyes#1692242).

Clean quotable conclusion: At the US Eastern Time July 24, 2026 close, the Philadelphia Semiconductor Index fell 524.95 points to 11,818.89 as worries over massive AI spending triggered a chip-stock sell-off.

• source: cnyes #1692242
• source_url: https://news.cnyes.com/news/id/6545273
• confidence: medium
• basis: news_aggregation
• period: US Eastern Time 2026-07-24 (Friday) close, versus the previous trading day
• caveat: The headline "4.5%" and table "4.25%" conflict within the same article; this card transcribes both without adjudicating; the original notes figures were as of press time (see Scope and Caveats)
• layer: CONTEXTUALIZE (prelude to this decline, US side)

F-012: Prelude — TAIEX closed at 43,654.84 on July 24, 2026, down 1,195.97 points from the previous session (ninth-largest point drop on record), breaking below its quarterly moving average of about 43,964

CNA report (reporter Pan Chih-yi): the TAIEX closed at 43,654.84 on July 24, 2026, down 1,195.97 points (2.67%) from the previous session — the ninth-largest point drop on record — breaking below its quarterly moving average of about 43,964, with turnover shrinking from the previous session to NT$792.435 billion; for that week (ended July 24, 2026) the index rose 983.57 points from the prior week, keeping the weekly candle positive; TSMC closed that day at NT$2,350 (down NT$55, or 2.29%) and Nan Ya Plastics closed limit-down at NT$177.5 (cna#1673741).

Clean quotable conclusion: The TAIEX fell 1,195.97 points from the previous session to 43,654.84 on July 24, 2026 — the ninth-largest point drop on record per CNA — yet that week still ended up 983.57 points from the prior week.

• source: cna #1673741
• source_url: https://www.cna.com.tw/news/afe/202607240170.aspx
• confidence: medium
• basis: news_aggregation
• period: Close of 2026-07-24, versus the previous trading day; weekly figure is the week ended 2026-07-24 versus the prior week
• caveat: "Ninth-largest" is CNA's stated ranking; Liu Cheng-yu's remarks are analyst comments (see Scope and Caveats)
• layer: CONTEXTUALIZE (prelude to this decline, Taiwan side)

F-013: The previous session — TAIEX closed at 43,634.19 on July 27, 2026 (down 20.65 points); investment trusts ended a 23-session buying streak; foreign investors trimmed 2,662 lots of TSMC, a fourth straight session of selling

CNA report (reporter Chung Jung-feng): the TAIEX closed at 43,634.19 on July 27, 2026, down 20.65 points (0.05%) from the previous session, with turnover shrinking from the previous session to NT$717.686 billion; the three major institutional groups together net sold NT$96 million; investment trusts net sold NT$279 million, ending a 23-session buying streak, while foreign and mainland-China investors net bought NT$8.04 billion yet trimmed 2,662 lots of TSMC — a fourth consecutive session of selling the stock; futures institutionals at the time expected the index to consolidate in a 42,000–45,000 range in the short term (cna#1709335; the closing figures also appeared in a separate CNA after-hours piece the same day, but this card cites this article).

Clean quotable conclusion: On the session before the plunge (July 27, 2026), the TAIEX slipped only 20.65 points to 43,634.19, but investment trusts ended a 23-session buying streak and foreign investors sold TSMC for a fourth straight session.

• source: cna #1709335
• source_url: https://www.cna.com.tw/news/afe/202607270243.aspx
• confidence: medium
• basis: news_aggregation
• period: Close and flows of 2026-07-27, versus the previous trading day
• caveat: The "42,000–45,000 consolidation range" was a futures-institutional expectation as of 2026-07-27, not a statement of fact; the 2026-07-28 close of 41,603.36 fell below that range's floor (the two days' figures have separate sources and were not combined or computed) (see Scope and Caveats)

F-014: The leverage warning published the day before the plunge — margin debt peaked at NT$630 billion in early July 2026; margin maintenance ratio hit a low of 143.49% on July 20 (institutional observation, CNA report of 2026-07-27)

CNA report (reporter Tseng Jen-kai, published 2026-07-27): Fubon Investment Advisory chairman Chen Yi-kuang observed that margin debt on Taiwan-listed stocks expanded from a low of just over NT$200 billion in April 2025 to a peak of NT$630 billion in early July 2026, recently staying near NT$580 billion; the market-wide margin maintenance ratio hit a low of 143.49% on July 20, 2026, at one point approaching the 130% margin-call threshold (versus 166.7% at end-2025 and a 2026 high of 185.03% in May); settlement defaults in Taiwan stocks have totaled about NT$7.5 billion so far in 2026; the report also states the index had risen 19,255 points "in just six months." Chen called Korean stocks the global market's "canary in the coal mine": KOSPI rose from about 4,214 at end-2025 to a peak of 9,385 in mid-June 2026, then fell to a low of 6,516 in the week before that report (the week of July 20, 2026) — a decline of about 30% from the peak in roughly one month (all of the above are institutional observations and that report's statements, not official statistics) (cna#1709369).

Clean quotable conclusion: The day before the plunge, CNA had already reported an institutional warning: margin debt peaked at NT$630 billion in early July 2026, and the margin maintenance ratio briefly approached the 130% margin-call line on July 20.

• source: cna #1709369
• source_url: https://www.cna.com.tw/news/afe/202607270256.aspx
• confidence: medium
• basis: news_aggregation
• period: Report published 2026-07-27; each figure's timing per the original (April 2025 low, early-July 2026 peak, 2026-07-20 maintenance ratio, etc.)
• caveat: Margin-debt and maintenance-ratio series are institutional (Fubon) observations, not official primary statistics; this card does not infer that the 2026-07-28 plunge equals forced-liquidation selling — no such same-day report is available to cite (see Scope and Caveats)
• layer: CONTEXTUALIZE (leverage backdrop; warning published the day before the plunge)

F-015: Same-month contrast — TAIEX closed at 44,232.87 on July 21, 2026, up 1,783.17 points (4.2%) from the previous session, which CNA reported as the largest closing point gain on record

CNA report (reporter Ho Hsiu-ling): led by electronics heavyweights TSMC and MediaTek, the TAIEX opened higher and climbed through the July 21, 2026 session, closing at its high of 44,232.87, up 1,783.17 points (4.2%) from the previous session — a record closing point gain per CNA — with turnover shrinking from the previous session to NT$835.624 billion; TSMC rose NT$90 to NT$2,410 and MediaTek closed limit-up, rising NT$330 to NT$3,670 (cna#1627908).

Clean quotable conclusion: The TAIEX closed at 44,232.87 on July 21, 2026, up 1,783.17 points (4.2%) from the previous session — the largest closing point gain on record, per CNA.

• source: cna #1627908
• source_url: https://www.cna.com.tw/news/afe/202607210146.aspx
• confidence: medium
• basis: news_aggregation
• period: Close of 2026-07-21, versus the previous trading day
• caveat: "Largest closing point gain on record" is CNA's stated ranking on a point (not percentage) basis; not verified by this site against exchange historical series (see Scope and Caveats)
• layer: CONNECT (same-month contrast between the two extremes; original report of the same event covered by internal-link card ANK-2026-07-22-003)

Scope and Caveats (source limits, consolidated once)

• Zero verified official anchors: this shift has official_count_verified=0 and official_count_raw=0. Every index level, stock price, percentage move, turnover figure, institutional flow, futures figure, margin series and historical ranking ("third/fifth/sixth/ninth-largest," "largest on record") in this card is as reported by media (CNA, Storm Media, Cnyes); this site has not verified any figure against the Taiwan Stock Exchange, the Taiwan Futures Exchange or any official primary data, and nothing here constitutes officially verified endorsement.
• Time basis: closing moves are uniformly "close of July 28, 2026 versus the previous trading day (July 27, 2026)"; intraday figures carry their own timestamps (open / early session / 11:15 / afternoon) and are not interchangeable with closing figures; US figures are US Eastern Time July 24 (Friday) and July 27 (Monday), 2026, each versus the previous session; weekly figures are week-over-week.
• Points vs percentages: all "largest/third-largest" rankings are on a point basis, not a percentage basis.
• Limit-down terminology: for MediaTek (NT$3,315) and Delta Electronics (NT$1,580), CNA writes "closed limit-down" while the main Storm Media article says "near limit-down" (-9.92% / -9.97%); both report identical closing prices; this card transcribes both without adjudicating. "More than 60 stocks limit-down" (Cnyes, intraday) and "over 100 stocks near limit-down" (Storm Media, after-hours headline) are different definitions at different times and are not interchangeable.
• Korean circuit-breaker magnitude: "more than 7%" (cna#1718828, opening period) and "more than 8%" (cna#1720171, intraday) are snapshots at different times, transcribed side by side.
• SOX July 24 decline: within cnyes#1692242, the table shows -4.25% (524.95 points) while the headline and body say "4.5%"; this card transcribes both and narrates with the table's precise value.
• Moving-average values shift by session: TSMC's quarterly line of about NT$2,347 (2026-07-28 reports), the index quarterly line of about 43,964 (2026-07-24 report) and about 44,036 (2026-07-27 report) are each as stated on the given day, not a single value.
• Anomalous values in the main article's list: some fields in storm#1721208's after-hours "near limit-down" list show declines exceeding 10% (e.g., -14.49%), plainly inconsistent with the -10.00% limit-down magnitudes elsewhere in the same article — suspected data anomalies in an auto-compiled table; this card does not cite those values.
• Opinion vs fact: remarks by Huang Wen-ching (Taishin), Chen Yi-kuang (Fubon), Liu Cheng-yu (First Capital), Owen Lamont (Acadian) and Sundeep Gantori (Standard Chartered) are analyst/institutional opinions, neither official nor this site's view.
• Citation-floor self-check: this card cites 15 distinct source articles (floor of ≥5 met); it generates no figure absent from the originals, computes no differences or ratios, and every cross-day, cross-market juxtaposition carries its own date and source without combination.

Internal citation chain (links to published cards)

• CONNECT → ANK-2026-07-22-003 "Taiwan stocks rose 1,783.17 points on July 21, 2026 — the largest closing point gain on record (as reported by CNA)" (published 2026-07-23): that card records the July 21, 2026 gain of 1,783.17 points from the previous session (largest closing point gain on record per CNA; F-015 of this card also cites the same event's original report, cna#1627908); this card records the fall of 2,030.83 points from the previous session one week later (July 28, 2026; third-largest closing point drop on record per CNA) — record-class single-day moves at both ends within the same month, each labeled by its own report (figures from the two cards have separate sources; no differences were computed).
• CONTEXTUALIZE → ANK-2026-07-18-004 "TAIEX fell 1,426.01 points for the week; listed-market capitalization down NT$4.6225 trillion from the prior week (as of the July 9, 2026 close; CNA report of 2026-07-13, unverified by this site)" (published 2026-07-19): that card records the weekly-basis prelude of this high-level volatility phase; this card is a subsequent single-day episode.
• CONTEXTUALIZE → ANK-2026-07-02-001 "Taiwan's AI rally meets the gray rhino: the SOX plunged twice in one week, margin debt of NT$583.9 billion up about 70% from end-2025, and Korean leverage as the global bull market's 'canary'" (published 2026-07-02): that card records the early-July 2026 point at which Fubon named high leverage the biggest risk to Taiwan stocks (margin debt then NT$583.9 billion); F-014 of this card records later points of the same institutional observation series (peak NT$630 billion in early July 2026; maintenance ratio 143.49% on July 20) — two points in time within one frame, each dated and sourced, with no computed change between them.
• CONNECT → ANK-2026-07-06-003 "Memory cycle, chapter three — capital markets: SK Hynix launches a roughly US$28 billion US listing, expected to be the second-largest equity offering on record" (published 2026-07-06): that card records the euphoric capital-markets phase of the memory cycle; this card records a correction phase of the same cycle narrative (four Taiwan memory stocks limit-down, SK Hynix down more than 13% intraday, the CXMT listing and China's memory supply variable) — related events, no causal inference.

FAQ

Q: How much did Taiwan stocks fall on July 28, 2026, and is it a historical record?

The TAIEX closed at 41,603.36 on July 28, 2026, down 2,030.83 points (4.65%) from the previous session — the third-largest closing point drop on record per CNA; intraday the index fell as much as 2,069.19 points, which CNA called the fifth-largest intraday single-day point drop on record (storm#1721208, cna#1720840, cna#1720171). "Third-largest" is a point-basis, not percentage-basis, ranking, as stated by CNA and unverified by this site against exchange historical series.

Q: Where did TSMC, MediaTek and Delta Electronics close?

TSMC closed at NT$2,280 (down NT$70, or 2.98%, from the previous session), below its quarterly moving average of about NT$2,347; MediaTek closed at NT$3,315 (-9.92%) and Delta Electronics at NT$1,580 (-9.97%) — recorded as limit-down by CNA and as "near limit-down" by the main Storm Media article, with identical closing prices in both; Hon Hai fell 5.93% to NT$238 (cna#1720840, cna#1721091, storm#1721208). The four memory names — Winbond, Nanya Technology, Macronix and PSMC — all closed limit-down (cna#1721091).

Q: Was this a standalone Taiwan crash?

No. The same day (July 28, 2026), Korean stocks plunged intraday and triggered a circuit breaker (more than 7% at the open, more than 8% intraday), the Nikkei fell more than 4% intraday, SK Hynix plunged more than 13% intraday, Samsung Electronics fell more than 12% and Kioxia more than 18%; the prior night (US Eastern Time, July 27) the SOX closed down 2.23% and Nvidia fell 4.99%, China's CXMT soared 466% on its Shanghai debut, and a report on China's homegrown DUV lithography sent ASML's ADR down 5.74% (cna#1718828, cna#1720171, storm#1723814, cnyes#1717941). Each market's figures are as reported; this card juxtaposes without combining.

Q: Where did the selling pressure come from that day?

Per CNA: the three major institutional groups net sold NT$116.939 billion, of which foreign and mainland-China investors net sold NT$87.562 billion and proprietary dealers NT$31.730 billion, while investment trusts net bought NT$2.353 billion against the trend (cna#1721337). August TAIEX futures closed at 41,613, down 2,267 points from the previous session, at a 9.64-point premium to spot (cna#1720970).

Q: What warning signs preceded the plunge?

Per the reported timeline: on July 24, 2026 the TAIEX had already fallen 1,195.97 points (ninth-largest point drop on record) and the SOX fell 524.95 points the same date US time; on July 27 the TAIEX slipped only 20.65 points, but investment trusts ended a 23-session buying streak and foreign investors sold TSMC for a fourth straight session; the same day CNA also reported an institutional leverage warning — margin debt peaked at NT$630 billion in early July, and the margin maintenance ratio briefly approached the 130% margin-call line on July 20 (cna#1673741, cnyes#1692242, cna#1709335, cna#1709369). These are reported timeline facts; this card draws no causal inference.

J-Units

J-001: Source-limits scope (stated in full once in Scope and Caveats): all 15 sources of this card are media reports (ten from CNA, two from Storm Media, three from Cnyes); for the full source-limit scope of every figure and historical ranking, see Scope and Caveats — any quotation of this card must carry the "as reported by media, unverified by this site" caveat and must not be treated as official endorsement

• confidence: high
• basis: news_aggregation

J-002: Layer labels and their limits: cna#1720840 / cna#1721091 = CORROBORATE (cross-confirming the main article's closing figures, though equally media transcriptions, not official verification); cnyes#1717941 / cnyes#1692242 / cna#1673741 / cna#1709335 / cna#1709369 = CONTEXTUALIZE (event-chain prelude, each dated); storm#1723814 / cna#1718828 / cna#1720171 = ADD_EVIDENCE (same-day regional contagion and intraday detail); cna#1627908 = CONNECT (same-month contrast between the two extremes); the "time-zone relay" and "three record-class single-day moves in one month" are Shen Guan's editorial juxtapositions — each figure has its own source, none were combined or computed, and no causal claim is made

• confidence: high
• basis: news_aggregation

J-003: Opinion separated from fact: Huang Wen-ching's "Taiwan more dispersed and resilient than the US or Korea," Chen Yi-kuang's "high leverage / canary," and Standard Chartered's Gantori on "China memory and lithography reports souring sentiment" are analyst/institutional opinions, transcribed with attribution and not asserted as fact; no report of forced liquidations occurring on 2026-07-28 is available to cite, so this card records only the prior-day warning and infers no causation

• confidence: high
• basis: news_aggregation

P-Units

P-001: From the evening of July 28, 2026 into the next day: actual margin-maintenance and margin-call developments, subsequent institutional flows, and the earnings calls of UMC, Unimicron, Delta Electronics and MediaTek (previewed by cnyes#1720845 for this week) — verifiable via subsequent reporting (open)

P-002: The US Federal Reserve's rate decision on Wednesday, July 29, 2026 (US Eastern Time) and earnings from Microsoft, Meta and others (previewed by cnyes#1717941), and their effect on Taiwan's next opening — verifiable via subsequent reporting (open)

Sources

1. [storm#1721208] (main) Storm Media, "After-hours flash: TAIEX plunges 2,030 points! TSMC down NT$70, MediaTek off nearly 10%, over 100 stocks near limit-down" (original title in Chinese), 2026-07-28 15:19:59 JST. https://www.storm.mg/article/11152205
2. [cna#1720840] CNA, "TAIEX tumbles 2,030 points, third-largest point drop on record; TSMC closes at NT$2,280, below its quarterly moving average" (reporter Wu Chia-hao; original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280122.aspx
3. [cna#1721091] CNA, "Japan, Korea and Taiwan markets tumble together; index sheds 2,030 points, third-largest drop on record" (reporter Wu Chia-hao; original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280132.aspx
4. [cna#1720171] CNA, "TAIEX falls 2,069 points intraday, fifth-largest on record; memory stocks hit hardest" (reporter Wu Chia-hao; original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280065.aspx
5. [cna#1718828] CNA, "Japanese and Korean stocks slump; TAIEX drops over 1,600 points in early trade, testing 42,000" (reporter Wu Chia-hao; original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280020.aspx
6. [cna#1721337] CNA, "Three major institutional groups net sell NT$116.939 billion of Taiwan stocks" (original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280148.aspx
7. [cna#1720970] CNA, "August TAIEX futures fall 2,267 points" (original title in Chinese), 2026-07-28. https://www.cna.com.tw/news/afe/202607280126.aspx
8. [storm#1723814] Storm Media, "SK Hynix plunges 13%, TSMC down NT$70! Asian semiconductors tumble as foreign media warn of an intensifying chip sell-off" (original title in Chinese), 2026-07-28. https://www.storm.mg/article/11152239
9. [cnyes#1717941] Cnyes, "US close: oil retreats sharply, Dow gains over 260 points; Micron, SK Hynix ADR and ASML slide together" (original title in Chinese), 2026-07-28 (Taipei time; US close of 2026-07-27 ET). https://news.cnyes.com/news/id/6547372
10. [cnyes#1720845] Cnyes, "Focus stocks: the hotter the AI trade, the harder the fall — over half of the top 50 heavyweights hit limit-down" (original title in Chinese), 2026-07-28. https://news.cnyes.com/news/id/6548066
11. [cnyes#1692242] Cnyes, "US close: AI spending worries flare, chip stocks sold off; SOX slumps 4.5%" (original title in Chinese), 2026-07-25 (Taipei time; US close of 2026-07-24 ET). https://news.cnyes.com/news/id/6545273
12. [cna#1673741] CNA, "TAIEX falls 1,195 points on lower volume, ninth-largest point drop on record; still up for the week" (reporter Pan Chih-yi; original title in Chinese), 2026-07-24. https://www.cna.com.tw/news/afe/202607240170.aspx
13. [cna#1709335] CNA, "Investment trusts end 23-session buying streak; foreign investors sell TSMC for a fourth straight session" (reporter Chung Jung-feng; original title in Chinese), 2026-07-27. https://www.cna.com.tw/news/afe/202607270243.aspx
14. [cna#1709369] CNA, "'Four loans under one roof': beware forced liquidation — institutions call high leverage the biggest risk to Taiwan stocks" (reporter Tseng Jen-kai; original title in Chinese), 2026-07-27. https://www.cna.com.tw/news/afe/202607270256.aspx
15. [cna#1627908] CNA, "Electronics heavyweights rebound strongly; TAIEX surges 1,783 points, the largest point gain on record" (reporter Ho Hsiu-ling; original title in Chinese), 2026-07-21. https://www.cna.com.tw/news/afe/202607210146.aspx

Anti-fabrication statement: this card has zero verified official anchors (official_count_verified=0); all figures are as stated in the media reports listed above and were not independently verified by this site; no figure absent from the originals was generated, no differences or ratios were computed, and no cross-source numbers were merged into manufactured comparisons; anomalous fields in the main article's list are not cited; no Wikidata Q identifiers are attached (no registry verification performed). Publication date 2026-07-28 ≥ latest source date 2026-07-28.