TAIEX retreats 0.5% as electronics weigh on Taiwan shares
Taiwan’s TAIEX fell 210 points, or 0.5%, to 45,811, ending a four-session winning streak as electronic technology dropped 1.1% and TSMC slid 1.6%.
The TAIEX, Taiwan’s benchmark stock index, dropped 210 points, or 0.5%, to close at 45,811, reversing gains in morning trade and halting a four-session winning streak, weighed down by electronic technology.
The broader index retreated from its highest level since July 6, reached a day earlier, with electronic technology falling 1.1%, reversing a 1.5% rise in the previous session.
TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, shed 1.6% after gaining 0.8% on Thursday.
Declines were also seen in MediaTek (-0.4%), Hon Hai Precision Industry (-1.0%), and ASE Technology Holding (-1.6%).
Nanya Technology, a major Taiwanese memory chip maker, also shed 0.4%.
An upbeat session on Wall Street overnight limited the fall as bets on the Fed hiking interest rates at its September meeting eased amid softer inflation.
For the week, however, the index posted a 3.6% surge, the second straight weekly gain.