TAIEX Ends at Record High, Logs 3rd Weekly Gain

The TAIEX, Taiwan’s benchmark stock index, advanced 122 points, or 0.3%, to close at a new record peak of 48,476 on Friday, extending gains from the previous two sessions, mainly buoyed by gains in energy minerals, producer manufacturing, and process industries. Traders were attempting to maintain momentum after the index reached a record high on Thursday. The broader index tracked an upbeat session on Wall Street overnight, due to easing Treasury yields. Energy and mineral sectors surged 6.1%, boosted by a jump in Formosa Petrochemical Corp., which soared 6.2% due to surging oil prices and strong refining margins. However, electronic technology edged up 0.2%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, retreating 0.4%. Other notable gains were Unimicron Tech (7.4%), Elite Material (3.9%), and Nan Ya Plastics (2.6%). For the week, the index climbed 0.9%, marking the third straight weekly gain.