TAIEX Turns Higher, Up 0.9% at Close

The TAIEX, Taiwan’s benchmark stock index, climbed 407 points, or 0.9%, to close at 45,169 on Tuesday, reversing weakness in morning trade and erasing losses from the previous session, as electronic technology and technology services rebounded. Electronic technology and technology services rose 0.8% and 1.4%, respectively, while finance advanced 2.1%. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, gained 0.4%, recovering from a 1.5% fall on Monday. Nanya Technology, a major Taiwanese memory chip supplier, rose 1.2% after plunging in morning trade. However, traders were cautious ahead of the release of Taiwan's retail sales and industrial output data after the closing bell. Caution was also evident ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium.

The TAIEX, Taiwan’s benchmark stock index, fell 479 points, or 1.0%, to 44,325 in Tuesday morning trade, extending losses from the previous session, weighed down by electronic technology and technology services. The broader index touched its lowest level since August 7, with electronic technology and technology services each dropping 1.1%, tracking a fall in tech stocks on Wall Street overnight. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, shed 1.4% following a 1.5% fall on Monday. Declines were also seen in MediaTek (-0.7%), Delta Electronics (-0.9%), and Hon Hai Precision Industry (-0.8%). Nanya Technology, a major Taiwanese memory chip supplier, plunged 5.1%. Caution was also evident ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium. Taiwan's retail sales and industrial output data will also be released today.

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.