TAIEX Hits 2-Month High on Tech Sector Boost

The TAIEX, Taiwan’s benchmark stock index, advanced 683 points, or 1.5%, to 46,812, up for the fifth straight session and hitting its highest level since July 1, mainly buoyed by gains in electronic technology. Electronic technology rose 1.4%, while technology services surged 4.1%. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, gained 0.6%. MediaTek jumped 9.9% after Nvidia subscribed to USD 3.5 billion of its exchangeable bonds as part of MediaTek's record USD 3.9 billion overseas convertible bond offering. Meanwhile, Delta Electronics and Hon Hai Precision Industry gained 0.8% and 1.6%, respectively, and ASE Technology Holding soared 3.9%. The fresh data also lifted sentiment, as a private survey showed that Taiwan's factory activity grew solidly in August. However, a downbeat session on Wall Street overnight capped the gain, as rising oil prices raised concerns over inflation pressure.

The TAIEX, Taiwan’s benchmark stock index, rose 373 points, or 0.8%, to 46,349 in Friday morning deals, gaining for the fourth consecutive session and tracking a rally on Wall Street overnight, buoyed by tech sectors following solid Nvidia earnings. The broader index reached its highest level since July 6, mainly supported by electronic technology, finance, technology services, and health technology. Electronic technology continued to rise, advancing 0.7%, following a rise in the tech sector on Wall Street on Thursday. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, gained 0.6%. Meanwhile, MediaTek climbed 1.9%, and Delta Electronics increased 2.2%. Nanya Technology, a major Taiwanese memory chip supplier, rose 0.2%. However, traders awaited a speech by Fed Chair Kevin Warsh at the Jackson Hole Symposium later today for guidance on the Fed’s monetary policy decision at its upcoming meeting.

The TAIEX, Taiwan’s benchmark stock index, rose 410 points, or 0.9%, to 46,242 in Thursday morning trading, up for the third straight session, mainly buoyed by electronic technology, process industry, and technology services. The broader index reached its highest level since July 6, with electronic technology and technology services rising 1.0% and 1.2%, respectively, tracking a rise in US stock futures supported by a jump in Nvidia shares after the company forecast a 70% surge in revenue for the next fiscal year. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, gained 0.6%. Meanwhile, MediaTek rose 1.3%, and Delta Electronics climbed 2.0%. Nanya Technology, a major Taiwanese memory chip supplier, grew 2.7%. On the data front, Taiwan consumer confidence improved in August. However, traders awaited speeches by FOMC officials at the Jackson Hole Symposium for guidance on the Fed’s monetary policy decision at its upcoming meeting.