Panicky investors dumped shares on the Tokyo market Thursday, sending the main index plunging more than seven percent on weak Chinese data after months of sharp climbs.

Manufacturing activity in China contracted in May for the first time in seven months, HSBC said Thursday, in another sign of the weakness of recovery in the world's second-largest economy.

Shares of Taiwan-based flat panel supplier Hannstar Display Corp. bucked the downtrend and closed up 6.82 percent Thursday after investors were allowed to engage in credit trading such as margin trades and short sales of the stock starting from that day, due to its higher book value, dealers said.

Chen Yuh-chang, chairman of the Financial Supervisory Commission (FSC), urged investors Thursday to stay calm after the local market took a dive, sending the index below 8,300 points at the end of the trading session.

Almost half of mothers in Taiwan are worried that their children will remain financially dependent on parents when they reach adulthood, according to the findings of a survey released recently.

Prime Minister Shinzo Abe flies to Myanmar Friday bearing almost US$1 billion in development aid and a plan for a nationwide electricity grid as Japan tries to grab the box seats in the country's quickening development.

The U.S. dollar rose against the Taiwan dollar Thursday, gaining NT$0.065 to close at NT$30.025 as foreign institutional investors shifted to the sell side of the local market, which lifted demand for the greenback, dealers said.

Singapore's trade-sensitive economy slowed in the first quarter on sluggish demand for its exports, the government said Thursday, warning that risks remained despite improved global conditions.

Amendments proposed to the Consumer Protection Law would eliminate the seven-day grace period that allowed consumers to return electronic products or fresh goods.

Amid discouraging macroeconomics conditions, Taiwan's industry and manufacturing production indexes in April fell by 0.88 percent and 1.18 percent year-on-year, marking the third consecutive month of decline, according to the Ministry of Economic Affairs (MOEA).