TAIEX Ends at Record High, Logs 3rd Weekly Gain

The TAIEX, Taiwan’s benchmark stock index, advanced 122 points, or 0.3%, to close at a new record peak of 48,476 on Friday, extending gains from the previous two sessions, mainly buoyed by gains in energy minerals, producer manufacturing, and process industries. Traders were attempting to maintain momentum after the index reached a record high on Thursday. The broader index tracked an upbeat session on Wall Street overnight, due to easing Treasury yields. Energy and mineral sectors surged 6.1%, boosted by a jump in Formosa Petrochemical Corp., which soared 6.2% due to surging oil prices and strong refining margins. However, electronic technology edged up 0.2%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, retreating 0.4%. Other notable gains were Unimicron Tech (7.4%), Elite Material (3.9%), and Nan Ya Plastics (2.6%). For the week, the index climbed 0.9%, marking the third straight weekly gain.

The TAIEX, Taiwan’s benchmark stock index, rose 76 points, or 0.2%, to a new record peak of 48,429 around noon on Friday, extending gains from the previous two sessions, mainly supported by gains in energy minerals, producer manufacturing, and process industries. Traders were attempting to capitalize on momentum after the index reached a record high a day earlier. The broader index tracked an upbeat session on Wall Street overnight, due to easing Treasury yields. Energy and mineral sectors jumped 6.1%, boosted by a surge in Formosa Petrochemical Corp., which soared 5.6% due to surging oil prices and strong refining margins. However, electronic technology edged up 0.1%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, falling 0.4%. Other notable gains were Formosa Chemicals (5.5%) and Elite Material (2.9%). For the week, the index is heading for a 0.8% rise, which would be the third straight weekly gain.

The TAIEX, Taiwan’s benchmark stock index, rose 413 points, or 0.9%, to close at a fresh record high of 48,353 on Thursday, extending gains from the previous session, mainly boosted by rises in electronic technology, technology services, communication, and distribution services. Fresh data also fueled sentiment, as Taiwan's factory activity grew the most since August 2021. Electronic technology advanced 1.2%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, climbing 1.2%. Meanwhile, MediaTek gained 1.2%, rebounding from losses in the previous session. Delta Electronics advanced 0.8%, Hon Hai Precision rose 1.0%, ASE Technology climbed 1.0%, and United Microelectronics surged 4.5%. However, a downbeat session on Wall Street overnight limited the gains amid rising oil prices. Traders also awaited the release of US jobs data for clues about the Fed's monetary policy decision at the upcoming meeting.