TAIEX Halts Gains, Retreats from Near 6-Week High

The TAIEX, Taiwan’s benchmark stock index, dropped 210 points, or 0.5%, to close at 45,811, reversing gains in morning trade and halting a four-session winning streak, weighed down by electronic technology. The broader index retreated from its highest level since July 6, reached a day earlier, with electronic technology falling 1.1%, reversing a 1.5% rise in the previous session. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, shed 1.6% after gaining 0.8% on Thursday. Declines were also seen in MediaTek (-0.4%), Hon Hai Precision Industry (-1.0%), and ASE Technology Holding (-1.6%). Nanya Technology, a major Taiwanese memory chip maker, also shed 0.4%. An upbeat session on Wall Street overnight limited the fall as bets on the Fed hiking interest rates at its September meeting eased amid softer inflation. For the week, however, the index posted a 3.6% surge, the second straight weekly gain.

The TAIEX, Taiwan’s benchmark stock index, climbed 201 points, or 0.4%, to 46,222 in Friday morning trade, extending gains for the 5th straight session, tracking a rally on Wall Street overnight as expectations grew that the Fed would hike interest rates at its September meeting amid softer inflation. The broader index lingered at its highest level since July 6, mainly buoyed by gains in tech services, process industries, and producer manufacturing. Meanwhile, electronic technology stocks continued to rise, though edging up only 0.1%. MediaTek and Delta Electronics each rose 1.1%, while Hon Hai Precision Industry gained 0.2%. Nanya Technology, a major Taiwanese memory chip maker, advanced 1.8%. However, TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, fell 0.2%. Yageo Corporation, a world leader in electronic passive components, plunged 3.2%. Traders were also cautious ahead of China's interest rate decision due next week.

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.