In the three weeks following the invasion, foreign investors dumped shares worth about 480 billion Taiwanese dollars ($16.9 billion), according to Alex Huang, director at Mega International Investment Services, a Taipei-based firm.
[...]
Taiwan had been gaining traction as a foreign investment destination in recent years, with strategists often bundling it together with India, China and South Korea in ["]a group of economies["] known as the "TICKS."
[...]
Shares on the Taiwan Stock Exchange were little changed between late February [24] and March 17, according to data provider Refinitiv. Huang said that was because several government-backed Taiwanese banksrecently went on a buying spree , helping mitigate the loss. He said that investors based in Taiwan weren't suffering the same loss of confidence, in part because many believed the two situations ["Ukraine and Taiwan" country risks] were dissimilar, and because of a consensus that the United States would step in to help defend the island in the event of a serious attack.

In a report to clients, [Morningstar equity analyst Phelix Lee] said that investors had two concerns: fears of a Chinese invasion, and anxiety over the supply of raw materials, including neon.
[...]
Taiwan's currency [USD:TWD, 1:28.68] has also suffered. It has gone from serving as a "regional safe haven to geopolitical risk proxy" in recent weeks, according to Bank of America. "Geopolitical uncertainties over Taiwan are the biggest drivers of portfolio outflows," analysts there wrote in a note to clients earlier this month. They said that the Taiwanese dollar was "beginning to lag after a stellar year in 2021," after being hit by "a sharp increase in risk aversion" following the Russian invasion.