TAIEX Trades at 4-Week Low as Tech Weighs
The TAIEX, Taiwan’s benchmark stock index, dropped 654 points, or 1.4%, to 46,457 around noon on Monday, halting gains in the previous session and touching its lowest level since September 17. The decline tracked losses among Asian market peers, following a downbeat session on Wall Street amid a tech sell-off and concerns over AI-related investment. Most sectors traded in the red, including electronic technology, which fell 1.8% after gaining 0.2% on Friday. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 1.0% following a 0.2% drop in the previous session. Meanwhile, MediaTek shed 1.9%, Delta Electronics fell 0.9%, and Hon Hai Precision lost 2.1%. However, moderating oil prices, easing expectations of Fed rate hikes, and strong Chinese data, with Q3 GDP growth beating estimates, helped limit the decline.
The TAIEX, Taiwan’s benchmark stock index, dropped 654 points, or 1.4%, to 46,457 around noon on Monday, halting gains in the previous session and touching its lowest level since September 17. The decline tracked losses among Asian market peers, following a downbeat session on Wall Street amid a tech sell-off and concerns over AI-related investment. Most sectors traded in the red, including electronic technology, which fell 1.8% after gaining 0.2% on Friday. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 1.0% following a 0.2% drop in the previous session.
Meanwhile, MediaTek shed 1.9%, Delta Electronics fell 0.9%, and Hon Hai Precision lost 2.1%. However, moderating oil prices, easing expectations of Fed rate hikes, and strong Chinese data, with Q3 GDP growth beating estimates, helped limit the decline.