TAIEX Hits Record High at Close

The TAIEX, Taiwan’s benchmark stock index, advanced 81 points, or 0.2%, to close at 47,800 on Tuesday, gaining for the fifth straight session and hitting a record high, mainly buoyed by gains in electronic technology. The index surpassed the 48,000 mark intraday before pulling back to 47,800 at the close. The broader index tracked a rally on Wall Street overnight, buoyed by solid AI-related stocks, while oil prices and US Treasury yields eased. Optimism over the Trump-Xi summit this week also lifted sentiment, as AI and tariffs are expected to be discussed at the meeting. Electronic technology rose 0.4%, mainly supported by surges in MediaTek (3.5%), ASE Tech (4.5%), and Unimicron Tech (9.8%). By contrast, TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, fell 0.4%. In the morning session, TSMC rose, fueled by reports that TSMC is in talks to acquire AUO's 5th- and 7.5th-generation fabs in Central Taiwan Science Park.