TAIEX Surpasses 49,000 Mark as AI Momentum Persists

The TAIEX, Taiwan’s benchmark stock index, surged 1,190 points, or 2.5%, to a fresh record high of 49,666 in Monday morning trade, rising for the fourth straight session, mainly buoyed by gains in electronic technology, producer manufacturing, and process industries. Traders were attempting to maintain momentum, tracking a rise on Wall Street on Friday, as a weaker-than-expected jobs report eased expectations of Fed monetary tightening. The broader index surpassed the 49,000 level for the first time, with electronic technology rising 2.7%, amid optimism over AI-related investment and following a rally in US tech sectors. TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, gained 2.8%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision rose 2.5%, 4.5%, and 1.8%, respectively.