Taiwan Stocks Pull Back from Record High

The TAIEX, Taiwan’s benchmark stock index, dropped 208 points, or 0.4%, to 47,949 in Thursday morning trade, snapping a six-session winning streak, as traders took profit after the index hit a record high a day earlier. The index declined from the 48,000 mark for the first time at the close on Wednesday, mainly weighed down by declines in electronic technology, finance, and health technology. Electronic Technology fell 0.4% after rising 1.2% in the previous session, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, falling 0.6% after rising on Wednesday. Meanwhile, Hon Hai Precision, ASE Tech, and United Microelectronics dropped by 2.2%, 0.4%, and 4.1%, respectively. The broader index tracked a decline on Wall Street overnight amid rising oil prices and US Treasury yields. Traders also anticipated the Trump-Xi summit, with AI and tariffs expected to be discussed at the meeting.