TAIEX rises 0.4% to near 6-week high on Wall Street rally
Taiwan’s TAIEX climbs 201 points to 46,222, extending gains for a fifth straight session and reaching its highest level since July 6 as it tracks overnight Wall Street strength.
The TAIEX, Taiwan’s benchmark stock index, climbed 201 points, or 0.4%, to 46,222, extending gains for the fifth straight session, tracking a rally on Wall Street overnight as expectations grew that the Fed would hike interest rates at its September meeting amid softer inflation.
The broader index lingered at its highest level since July 6, mainly buoyed by gains in technology services, process industries, and producer manufacturing.
Meanwhile, electronic technology stocks continued to rise, though edging up only 0.1%.
MediaTek and Delta Electronics each rose 1.1%, while Hon Hai Precision Industry gained 0.2%.
Nanya Technology, a major Taiwanese memory chip maker, advanced 1.8%.
However, TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, fell 0.2%.
Yageo Corporation, a world leader in electronic passive components, plunged 3.2%.
However, traders were cautious ahead of China's interest rate decision due next week.