TAIEX slides to over 2-week low as tech stocks weigh
Taiwan’s TAIEX fell 479 points, or 1.0%, to 44,325 in morning trade, extending losses as electronic technology and technology services drop, with Nanya Technology down 5.1%.
The TAIEX, Taiwan’s benchmark stock index, fell 479 points, or 1.0%, to 44,325 in morning trade, extending losses from the previous session, weighed down by electronic technology and technology services.
The broader index touched its lowest level since August 7, with electronic technology and technology services each dropping 1.1%, tracking a fall in tech stocks on Wall Street overnight.
TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, shed 1.5% following a 1.6% fall on Monday.
Declines were also seen in MediaTek (-0.7%), Delta Electronics (-0.9%), and Hon Hai Precision Industry (-0.8%).
Nanya Technology, a major Taiwanese memory chip supplier, plunged 5.1%.
Caution was also evident ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium.