TAIEX Ends 0.7% Higher After Paring Gains
The TAIEX, Taiwan’s benchmark stock index, advanced 308 points, or 0.7%, to close at 47,940 on Wednesday, halting losses in the previous two sessions, mainly boosted by gains in electronic technology following a rise in the Philadelphia Semiconductor Index. The broader index touched a fresh record high of 48,380 in morning trade before closing at 47,940. Electronic Technology rose 1.2%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, climbing 1.0%. Meanwhile, MediaTek and Delta Electronics gained 1.2% and 4.4%, respectively. However, a downbeat session on Wall Street overnight capped the gains amid surging US Treasury yields. Traders also anticipated the release of the US PCE Index for clues about the Fed's monetary policy decision at the upcoming meeting. The index rose 3.9% for the quarter, amid optimism over AI-related investment.
7%, to close at 47,940 on Wednesday, halting losses in the previous two sessions, mainly boosted by gains in electronic technology following a rise in the Philadelphia Semiconductor Index. The broader index touched a fresh record high of 48,380 in morning trade before closing at 47,940. 0%. 4%, respectively.
However, a downbeat session on Wall Street overnight capped the gains amid surging US Treasury yields. Traders also anticipated the release of the US PCE Index for clues about the Fed's monetary policy decision at the upcoming meeting. 9% for the quarter, amid optimism over AI-related investment.