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Taiwan's stock market felt the shockwaves from the Dubai debt crisis on Friday, as did other markets in the region. The weighted index of the Taiwan stock exchange fell by 3.21% with financial stocks leading the decline. Solar energy was one of the few stocks to buck the trend and stand firm.
The market on Friday opened already 124 points down on yesterday's closing figure. By close of trade that loss had doubled, with the index shedding 248 points to finish the day at 7,490.91.
Markets in Taiwan, Hong Kong and South Korea proved a huge drag on the MSCI index of Asia-Pacific banking shares traded outside Japan. The MSCI dropped 4%, reflecting widespread fears that Dubai's debt could create another world financial crisis.