TAIEX Ends Near Record High as Tech Stocks Rally

The TAIEX, Taiwan’s benchmark stock index, rose 538 points, or 1.1%, to close at 47,719 on Monday, gaining for the fourth straight session and hitting its highest level since June 22, when the index reached a record high, mainly supported by gains in electronic technology. Electronic technology climbed 1.4%, amid optimism over the Trump-Xi summit on September 24. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, advanced 0.8%. Meanwhile, MediaTek, Delta Electronics, and ASE Technology Holdings surged 6.4%, 8.1%, and 3.9%, respectively. The broader index tracked a rise in US stock futures after the Dow Jones recorded a third straight losing week. Meanwhile, the PBoC held the one-year loan prime rate at 3% for the 16th straight month, while traders also awaited Taiwan's August export orders data after the closing bell, following a surge in July.