TAIEX Hits Over 5-Week High as Tech Leads

The TAIEX, Taiwan’s benchmark stock index, rose 503 points, or 1.1%, to close at 46,021, gaining for the fourth straight session, mainly buoyed by electronic technology. The broader index hit its highest level since July 6, as traders maintained the upward momentum in the technology sector. Electronic technology stocks advanced 1.5%, following a 1.1% rise on Wednesday. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, advanced 0.8%. MediaTek and Delta Electronics surged 5.4% and 4.8%, respectively. Meanwhile, Yageo Corporation, a world leader in electronic passive components, soared 10% after the company became the fifth-largest holding of Norway's sovereign wealth fund. A rally on Wall Street overnight also lifted sentiment, as moderated inflation eased expectations of a Fed rate hike at its upcoming meeting.

The TAIEX, Taiwan’s benchmark stock index, climbed 471 points, or 1.0%, to 45,989 in Thursday morning trade, up for the fourth straight session, mainly buoyed by electronic technology. The broader index hit its highest level since July 6, as traders tried to maintain the upward momentum in the technology sector. Electronic technology stocks rose 1.2%, following a 1.1% gain on Wednesday, with TSMC, the world's largest contract chipmaker, accounting for more than 40% of the market's total value, advancing 0.8%. Hon Hai Precision Industry soared 2.7%, while Unimicron rose 0.8%. Meanwhile, Foxconn Technology, the world's largest contract electronics maker, rose 0.5% after posting a 35% jump in Q2 profit, beating analyst forecasts, supported by continued strong AI demand. An upbeat session on Wall Street overnight also lifted sentiment, as moderated inflation eased expectations of a Fed rate hike at its upcoming meeting.

The TAIEX, Taiwan’s benchmark stock index, advanced 397 points, or 0.9%, to close at 45,518 on Wednesday, extending gains for the third consecutive session, mainly buoyed by electronic technology, technology services, and producer manufacturing. The broader index lingered at its highest level since July 16, as traders capitalized on the upward momentum in the tech sector. Electronic technology stocks gained 1.1%, with TSMC, the world's largest contract chipmaker and a company that accounts for more than 40% of the market's total value, climbing 0.8% after a 0.6% gain a day earlier. Hon Hai Precision Industry surged 2.5%, while Unimicron rose 0.8%. Meanwhile, Accton Technology Corp. and Quanta Computer jumped 3.8% and 3.2%, respectively. However, a decline on Wall Street overnight limited gains, as rising oil prices raised questions about the Fed's monetary policy at its upcoming meeting, while traders awaited the release of US inflation data later today.