TAIEX Ends at 4-Week Low as Tech Stocks Weigh
The TAIEX, Taiwan’s benchmark stock index, dropped 290 points, or 0.6%, to close at 46,822 on Monday, erasing gains from the previous session and touching its lowest level since September 17. The decline tracked losses on Wall Street on Friday amid a tech sell-off and concerns over AI-related investment. Most sectors traded in the red, including electronic technology, which dropped 0.5% 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 1.3%, Hon Hai Precision lost 2.1%, and ASE Technology dropped 1.5%. The financial sector fell 0.9%, mainly weighed down by Fubon Financial Holding (-1.9%) and Cathay Financial Holdings (-2.2%). 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 290 points, or 0.6%, to close at 46,822 on Monday, erasing gains from the previous session and touching its lowest level since September 17. The decline tracked losses on Wall Street on Friday amid a tech sell-off and concerns over AI-related investment. Most sectors traded in the red, including electronic technology, which dropped 0.5% 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 1.3%, Hon Hai Precision lost 2.1%, and ASE Technology dropped 1.5%. The financial sector fell 0.9%, mainly weighed down by Fubon Financial Holding (-1.9%) and Cathay Financial Holdings (-2.2%). However, moderating oil prices, easing expectations of Fed rate hikes, and strong Chinese data, with Q3 GDP growth beating estimates, helped limit the decline.