TAIEX Hits Near 4-Week High
TAIEX advances 0.9% to 45,518, its highest level since July 16
The TAIEX, Taiwan’s benchmark stock index, advanced 397 points, or 0.9%, to close at 45,518 on Wednesday, extending gains for the third consecutive session, mainly buoyed by electronic technology, technology services, 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 gained 1.1%, with TSMC, the world's largest contract chipmaker and a company that accounts for more than 40% of the market's total value, climbing 0.8% after a 0.6% gain a day earlier.
Hon Hai Precision Industry surged 2.5%, while Unimicron rose 0.8%.
Meanwhile, Accton Technology Corp. and Quanta Computer jumped 3.8% and 3.2%, respectively.
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.