TAIEX Trades at 4-Week Low as Tech Weighs

The TAIEX, Taiwan’s benchmark stock index, fell 846 points, or 1.8%, to 46,041 on Thursday, erasing gains from the previous session and tracking declines in US stock futures as investors digested earnings from Meta and Tesla. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes amid escalating tensions in the Middle East and the Russia-Ukraine conflict. The broader index fell to its lowest level since September 17, weighed mainly by electronic technology, producer manufacturing, process industries, and commercial services. Electronic technology stocks shed 2.3% amid ongoing concerns over AI investment, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.5%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision fell 3.1%, 4.0%, and 2.0%, respectively. Process industries plunged 3.8%, mainly due to a 6.1% slump in Nan Ya Plastics Corporation.

The TAIEX, Taiwan’s benchmark stock index, advanced 860 points, or 1.9%, to 47,153 in Wednesday morning trade, erasing losses from the previous two sessions and tracking gains on Wall Street overnight amid easing Treasury yields and oil prices. The broader index moved away from its lowest level since September 17, touched a day earlier, mainly boosted by gains in electronic technology and finance. Electronic technology rebounded, rising 1.5% after falling 1.0% in the previous session due to concerns over AI investment. Moderating oil prices lifted sentiment, easing concerns about inflation risks and interest rate hikes. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, recovered, rising 1.0%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision gained 2.2%, 2.8%, and 2.5%, respectively. The financial sector rebounded, climbing 1.1%, mainly supported by gains from Fubon Financial (0.7%) and Cathay Financial (2.5%).

The TAIEX, Taiwan’s benchmark stock index, fell 529 points, or 1.1%, to close at 46,293 on Tuesday, extending losses from the previous session and remaining at its lowest level since September 17. The broader index tracked declines among Asian market peers amid ongoing concerns over AI investment. Rising oil prices also pressured sentiment, raising concerns about inflation risks and interest rate hikes. Traders shrugged off an upbeat session on Wall Street overnight as the tech selloff eased. Most sectors traded in the red, including electronic technology, which fell 1.0% following a 0.5% drop in the previous session. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 0.6%. Meanwhile, MediaTek fell 1.3%, Delta Electronics dropped 2.1%, and ASE Technology shed 1.5%. The financial sector plunged 2.3%, mainly weighed down by Fubon Financial Holding (-3.2%) and Cathay Financial Holdings (-3.9%).