TAIEX Extends Gains Near 4-Week High
TAIEX climbs 0.8% to 45,464, driven by tech sector gains
The TAIEX, Taiwan’s benchmark stock index, climbed 343 points, or 0.8%, to 45,464 around noon on Wednesday, extending gains for the third consecutive session, mainly buoyed by electronic technology and producer manufacturing.
The broader index lingered at its highest level since July 16, as traders capitalized on the upward momentum in the tech sector.
Electronic technology stocks rose 1.0%, with TSMC, the world's largest contract chipmaker and a company that accounts for more than 40% of the market's total value, rising 0.4% after a 0.6% gain a day earlier.
Delta Electronics gained 0.6%, while Hon Hai Precision Industry surged 2.5%.
Yageo Corp., the world's third-largest multilayer ceramic capacitor (MLCC) maker, rose 0.3%.
However, a decline on Wall Street overnight limited gains, as rising oil prices raised questions about the Fed's monetary policy at its upcoming meeting, while traders awaited the release of US inflation data later today.