TAIEX Ends at 4-Week Low as Tech Stocks Weigh

The TAIEX, Taiwan’s benchmark stock index, shed 1,656 points, or 3.4%, to close at 46,970 on Thursday, after gaining in the previous session, touching its lowest level since September 17. The broader index tracked declines in Asian market peers, following a downbeat session 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, process industries, energy minerals, and technology services. Electronic technology fell 4.0%, tracking the tech sector's decline on Wall Street, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, declining 2.0%. Meanwhile, MediaTek, Delta Electronics, and ASE Technology plunged 6.9%, 8.7%, and 9.9%, respectively, while Hon Hai Precision Industry dropped 1.4%.