TAIEX Trades at 4-Week Low as Tech Sector Weighs

The TAIEX, Taiwan’s benchmark stock index, shed 1,427 points, or 2.9%, to 47,199 in Thursday morning trade, after gaining in the previous session, touching its lowest level since September 18. The broader index tracked a decline on Wall Street overnight amid losses in the tech sector, as higher-than-expected inflation data raised expectations of a Fed rate hike. Rising oil prices also pressured sentiment amid concerns over inflation and interest rate hikes. Most sectors traded in the red, led by electronic technology, energy minerals, technology services, and process industries. Electronic technology fell 3.2%, tracking the tech decline on Wall Street, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.8%. Meanwhile, MediaTek dropped 1.1%, Nanya Technology Corp. shed 1.5%, while Hon Precision plunged 4.8%.