The TAIEX, Taiwan’s benchmark stock index, plunged 2,954 points, or 6.5%, to close at 42,671 on Friday, after being almost flat in the previous session, tracking a decline on Wall Street overnight amid a sharp selloff in semiconductor stocks. The broader index hit its lowest level since May 22, mainly weighed down by electronic technology stocks, which plunged 7.5%. TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, slumped 7.3%, as strong results failed to meet investors' lofty expectations, stoking worries over heavy spending and a weaker outlook for profitability. MediaTek and Delta Electronics plunged 8.9% and 8.7%, respectively, while ASE Technology and United Microelectronics each slumped 10.0%. Meanwhile, the health technology and technology services sectors plunged 4.7% and 7.0%, respectively. For the week, the index fell 5.9%, posting its second consecutive weekly loss amid a global tech stock selloff.