TAIEX Nears Record High, Up 1.2%

The TAIEX, Taiwan’s benchmark stock index, climbed 530 points, or 1.2%, to 46,411 in Thursday morning trade, rising for the fifth straight session, mainly buoyed by electronic technology, finance, and technology services stocks. The broader index was close to a record high of 46,459, reached on June 3, when it surpassed the 46,000 level for the first time, as optimism over AI demand continued to lift sentiment. Reports that the US and Iran had digitally signed an interim peace agreement also boosted sentiment, as lower oil prices eased concerns over inflationary pressures. However, a downbeat session on Wall Street overnight capped gains after the Fed kept interest rates steady and signaled the possibility of rate hikes this year. Electronic technology stocks gained 1.2%, with TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, rising 1.1%. Meanwhile, Delta Electronics and ASE Technology rose 0.9% and 2.9%, respectively.

The TAIEX, Taiwan’s benchmark stock index, slumped 1,568 points, or 3.5%, to close at 43,503 on Monday, retreating for the third straight session and touching its lowest level since May 22. The decline tracked losses on Wall Street on Friday, where a tech selloff weighed on sentiment.Traders were also concerned about expectations that high interest rates could weigh on AI-related stocks. Caution also built amid escalating tensions in the Middle East after Israel launched retaliatory strikes on Iran following Tehran's attacks on northern Israel. All sectors traded in negative territory, with electronic technology plunging 3.7%, technology services slumping 5.1%, and energy minerals falling sharply by 4.9%. TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, shed 3.0%. Other sharp losers included United Microelectronics (-8.0%), ASE Technology (-6.4%), Hon Hai Precision (-5.3%), MediaTek (-5.4%), and Delta Electronics (-2.0%)

The TAIEX, Taiwan’s benchmark stock index, plunged 1,953 points, or 4.3%, to 43,117 in Monday morning trading, falling for the third straight session and touching its lowest level since May 22. The decline tracked losses on Wall Street on Friday, where a tech selloff weighed on sentiment. Traders were also concerned that high interest rates could weigh on AI-related stocks. Investors continued to take profits after the index hit a record high last Wednesday, closing at 46,459, the first close above the 46,000 level, as optimism over AI investment continued to support sentiment. All sectors traded in the red, with electronic technology slumping 5.0%, technology services plunging 7.0%, and process industries falling sharply by 6.2%. TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, dropped 2.5%. Other sharp losers included MediaTek (-6.2%), Delta Electronics (-5.4%), Hon Hai Precision (-6.5%), and ASE Technology (-8.3%).