TAIEX rises to 5-week high as tech leads gains
Taiwan’s TAIEX climbed 471 points (1.0%) to 45,989 in Thursday morning trade, extending gains to four sessions, led by electronic technology and TSMC-linked strength.
The TAIEX, Taiwan’s benchmark stock index, climbed 471 points, or 1.0%, to 45,989 in Thursday morning trade, up for the fourth straight session, mainly buoyed by electronic technology.
The broader index hit its highest level since July 6, as traders tried to maintain the upward momentum in the technology sector.
Electronic technology stocks rose 1.2%, following a 1.1% gain on Wednesday, with TSMC, the world's largest contract chipmaker, accounting for more than 40% of the market's total value, advancing 0.8%.
Hon Hai Precision Industry soared 2.7%, while Unimicron rose 0.8%.
Meanwhile, Foxconn Technology, the world's largest contract electronics maker, rose 0.5% after posting a 35% jump in Q2 profit, beating analyst forecasts, supported by continued strong AI demand.
An upbeat session on Wall Street overnight also lifted sentiment, as moderated inflation eased expectations of a Fed rate hike at its upcoming meeting.