TAIEX Pulls Back from Record Peak, Ends 1.7% Lower

The TAIEX, Taiwan’s benchmark stock index, dropped 782 points, or 1.7%, to close at 45,677 on Thursday, snapping a four-session winning streak, as traders took profits after the index hit a record high in the previous session. The broader index pulled back from the record peak of 46,459 reached a day earlier, after closing above the 46,000 level for the first time as optimism over AI investment continued to lift sentiment. The index tracked a fall on Wall Street overnight amid renewed escalation of the Middle East conflict. The index was mainly weighed down by electronic technology and producer manufacturing stocks. Electronic technology stocks shed 2.2%, with TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, falling 1.7% after gaining 1.7% on Wednesday. Other decliners included MediaTek (-2.5%), Delta Electronics (-1.2%), Hon Hai Precision (-5.2%), ASE Technology (-4.1%), and United Microelectronics (-4.2%).

The TAIEX, Taiwan’s benchmark stock index, dropped 623 points, or 1.3%, to 45,836 around noon on Thursday, erasing gains from the previous four sessions, as traders took profits after the index hit a record high in the previous session. The broader index retreated from the record peak of 46,459 reached a day earlier, marking the first break above the 46,000 level as optimism over AI investment continued to lift sentiment. The index tracked a fall on Wall Street overnight amid renewed escalation of the Middle East conflict. The index was mainly weighed down by electronic technology, health services, producer manufacturing, and non-energy minerals. Electronic technology stocks fell 1.4%, with TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, losing 0.8% after gaining 1.7% in the previous session. Losses were also seen in Delta Electronics (-1.0%), Hon Hai Precision (-3.4%), and ASE Technology (-2.6%).

The TAIEX, Taiwan’s benchmark stock index, advanced 902 points, or 2.0%, to close at 46,459 on Wednesday, gaining for the fourth straight session and tracking gains on Wall Street overnight as optimism surrounding AI investment persisted. The broader index hit a fresh record high, closing above the 46,000 mark for the first time, with nearly all sectors ending in positive territory, including electronic technology, financials, and commercial services. Positive data from China also boosted sentiment, as fresh data showed business activity in the mainland's private sector grew at the fastest pace in three months in May. Electronic technology stocks rose 1.8%, as optimism over AI demand continued to lift sentiment. TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, gained 1.7%, following a 1.1% rise in the previous session. Meanwhile, Delta Electronics rose 3.2%, Hon Hai Precision climbed 2.8%, and ASE Technology surged 4.9%.