TAIEX Hits Record High On Energy Mineral Boost

The TAIEX, Taiwan’s benchmark stock index, rose 76 points, or 0.2%, to a new record peak of 48,429 around noon on Friday, extending gains from the previous two sessions, mainly supported by gains in energy minerals, producer manufacturing, and process industries. Traders were attempting to capitalize on momentum after the index reached a record high a day earlier. The broader index tracked an upbeat session on Wall Street overnight, due to easing Treasury yields. Energy and mineral sectors jumped 6.1%, boosted by a surge in Formosa Petrochemical Corp., which soared 5.6% due to surging oil prices and strong refining margins. However, electronic technology edged up 0.1%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, falling 0.4%. Other notable gains were Formosa Chemicals (5.5%) and Elite Material (2.9%). For the week, the index is heading for a 0.8% rise, which would be the third straight weekly gain.