TAIEX Pulls Back From Record High on Profit-Taking

The TAIEX, Taiwan’s benchmark stock index, fell 185 points, or 0.4%, to 49,527 in Tuesday morning trade, snapping a four-session winning streak as traders took profits after the index hit a fresh record high a day earlier. However, the broader index remained above the 49,000 level, marking the second straight session above 49,000 intraday after closing at 49,712 in the previous session. The decline was driven by losses in electronic technology (-0.4%), after rising 2.9% the previous day. Losses were also seen in process industries (-0.9%) and communications (-0.7%). TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, edged down 0.2%, reversing a 3.0% surge on Monday. Meanwhile, MediaTek plunged 4.7%, Unimicron Tech fell 1.9%, and United Microelectronics shed 3.9%. Traders also awaited the FOMC minutes later this week. However, an upbeat session on Wall Street overnight, driven by a rally in tech stocks, limited the fall.

The TAIEX, Taiwan’s benchmark stock index, surged 1,236 points, or 2.6%, to close at a fresh record high of 49,712 on Monday, rising for the fourth straight session, mainly buoyed by gains in electronic technology, producer manufacturing, and process industries. Traders were attempting to maintain momentum, tracking a rise on Wall Street on Friday, as a weaker-than-expected jobs report eased expectations of Fed monetary tightening. The broader index surpassed the 49,000 level for the first time, with electronic technology advancing 2.9%, amid optimism over AI-related investment and following a rally in US tech sectors. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, climbed 3.0%. Meanwhile, MediaTek and Delta Electronics surged 4.3% and 6.4%, respectively. Producer manufacturing and process industries soared, with notable gains from Elite Material (9.9%), King Slide Works (10.0%), and Nan Ya Plastics Corporation (10.0%).

The TAIEX, Taiwan’s benchmark stock index, surged 1,190 points, or 2.5%, to a fresh record high of 49,666 in Monday morning trade, rising for the fourth straight session, mainly buoyed by gains in electronic technology, producer manufacturing, and process industries. Traders were attempting to maintain momentum, tracking a rise on Wall Street on Friday, as a weaker-than-expected jobs report eased expectations of Fed monetary tightening. The broader index surpassed the 49,000 level for the first time, with electronic technology rising 2.7%, amid optimism over AI-related investment and following a rally in US tech sectors. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, gained 2.8%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision rose 2.5%, 4.5%, and 1.8%, respectively.