TAIEX Retreats from Record High, Ends 1.3% Lower

The TAIEX, Taiwan’s benchmark stock index, fell 641 points, or 1.3%, to close at 47,101 on Tuesday, snapping a six-session winning streak, as traders took profits after the index hit a record high a day earlier. The broader market retreated from a fresh high of 47,571 reached on Monday, surpassing the 47,000 level for the first time, mainly weighed down by electronic technology stocks, which tracked a tech selloff on Wall Street overnight. Electronic technology stocks shed 1.6%, reversing a 3.1% surge in the previous session, with TSMC, the world's largest contract chipmaker and a company accounting for more than 40% of the market's total value, falling 0.8% after a 3.1% jump on Monday. TSMC surged following reports that it is accelerating its CoWoS rollout, a technology that replaces traditional round wafers. Meanwhile, Delta Electronics dropped 3.3%, while Hon Hai Precision Industry declined 3.4%, after rising 0.9% and 2.2%, respectively, a day earlier.

The TAIEX, Taiwan’s benchmark stock index, dropped 170 points, or 0.4%, to 47,571 in Tuesday morning trading, snapping a six-session winning streak, as traders took profits after the index hit a record high a day earlier. The broader market retreated from a fresh high of 47,571 reached on Monday, surpassing the 47,000 level for the first time, mainly weighed down by electronic technology, manufacturing, and technology services stocks. Electronic technology stocks fell 1.1%, reversing a 3.1% surge in the previous session, with Delta Electronics falling 2.3%, while Hon Hai Precision Industry declined 2.1%, after rising 0.9% and 2.2%, respectively, a day earlier. Meanwhile, TSMC, the world's largest contract chipmaker and a company accounting for more than 40% of the market's total value, edged up 0.2%, easing sharply from a 3.1% surge in the previous session. Meanwhile, producer manufacturing stocks plunged 3.3%, mainly weighed down by Elite Material (-3.9%) and King Slide Works (-2.9%).

The TAIEX, Taiwan’s benchmark stock index, soared 1,276 points, or 2.8%, to close at a fresh record high of 47,742 on Monday, extending gains for a sixth straight session and reaching a record high for the second consecutive session after resuming trading following a holiday on Friday. The broader index surpassed the 47,000 level for the first time, mainly buoyed by gains in electronic technology and process industry stocks. Sentiment was also lifted by a statement from Pakistan and Qatar, the mediating countries, that progress had been made in US-Iran peace deal talks. Electronic technology stocks jumped 3.3% as optimism over AI demand continued to support sentiment. TSMC, the world's largest contract chipmaker and a company accounting for more than 40% of the market's total value, surged 4.2% after reports that it is accelerating its CoPoS rollout, a technology that replaces traditional round wafers. MediaTek rose 1.7%, while ASE Technology Holding jumped 10.0%.