TAIEX Slumps 4.7%, Ends at Over 2-Month Low

The TAIEX, Taiwan’s benchmark stock index, plunged 2,031 points, or 4.7%, to 41,603 on Tuesday, retreating for the third consecutive session and marking its lowest level since May 21, as a global selloff in chipmakers weighed on technology heavyweights. Reports that a Chinese state-backed firm began producing immersion DUV lithography equipment and the debut of ChangXin Memory Technologies (CXMT) further pressured sentiment. Electronic technology slumped 5.3%, with TSMC, the world's largest contract chipmaker, accounting for more than 40% of the market's total value, falling 3.0% after being flat in the previous session. Meanwhile, Delta Electronics and MediaTek plunged 10.0% and 9.9%, respectively. Among the major memory chip suppliers, Nanya Technology Corp. and Winbond Electronics Corp. each plunged 10.0%. On the data front, Taiwan's consumer confidence weakened in July from June's four-month high.

The TAIEX, Taiwan’s benchmark stock index, slumped 1,512 points, or 3.5%, to 42,123 in Tuesday morning trade, down for the third consecutive session and marking its lowest level since May 21, as a global selloff in chipmakers weighed on technology heavyweights. Almost all sectors traded in the red, led by process industries, followed by electronic technology, technology services, and industrial services. Reports that a Chinese state-backed firm began producing immersion DUV lithography equipment and the debut of ChangXin Memory Technologies (CXMT) further pressured sentiment. Electronic technology plunged 3.9%, with TSMC, the world's largest contract chipmaker, accounting for more than 40% of the market's total value, falling 2.6% after being flat in the previous session. Meanwhile, MediaTek and Delta Electronics plunged 6.7% and 7.4%, respectively. Among the major memory chip suppliers, Nanya Technology Corp. slumped 9.8%, while Winbond Electronics Corp. plunged 10.0%.

The TAIEX, Taiwan’s benchmark stock index, surged 1,783 points, or 4.2%, to close at 44,233 on Tuesday, erasing losses from the previous two sessions and rebounding from its lowest level since May 22, touched a day earlier, mainly boosted by gains in electronic technology, technology services, distribution services, and producer manufacturing. The electronic technology sector rebounded, jumping 4.6% after falling 0.6% in the previous session, as traders awaited key US tech earnings for clues about the rally in AI-related stocks. TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, continued to advance, rising 3.0% after gaining 1.3% on Monday, as the company expects strong demand for AI chips. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision Industry surged 10.0%, 8.5%, and 4.9%, respectively.