Taiwan Stocks Close Flat, Stay Above 49,000
The TAIEX, Taiwan’s benchmark stock index, was almost flat, closing at 49,806 on Wednesday, after gaining in the previous five sessions, as rises in finance and process industries offset declines in electronic technology and producer manufacturing. Rising oil prices pressured sentiment amid rising expectations for inflation and interest rate hikes. An upbeat session on Wall Street overnight, buoyed by gains in tech-heavy sectors, also fueled sentiment, while caution prevailed ahead of the release of the FOMC minutes. However, the broader index closed above the 49,000 mark for the third straight session. Electronic technology dropped 0.4%, with TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, remaining flat after rising in the previous session. Meanwhile, MediaTek fell 1.7%, Delta Electronics dropped 2.9%, while United Microelectronics, Fubon Financial, and Cathay Financial rose by 0.7%, 0.3%, and 1.3%, respectively.
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The TAIEX, Taiwan’s benchmark stock index, was almost flat, closing at 49,806 on Wednesday, after gaining in the previous five sessions, as rises in finance and process industries offset declines in electronic technology and producer manufacturing. Rising oil prices pressured sentiment amid rising expectations for inflation and interest rate hikes. An upbeat session on Wall Street overnight, buoyed by gains in tech-heavy sectors, also fueled sentiment, while caution prevailed ahead of the release of the FOMC minutes. However, the broader index closed above the 49,000 mark for the third straight session.
4%, with TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, remaining flat after rising in the previous session. 3%, respectively.