TAIEX Ends Near 5-Week Low as Tech Stocks Drag
The TAIEX, Taiwan’s benchmark stock index, fell 529 points, or 1.1%, to close at 46,293 on Tuesday, extending losses from the previous session and remaining at its lowest level since September 17. The broader index tracked declines among Asian market peers amid ongoing concerns over AI investment. Rising oil prices also pressured sentiment, raising concerns about inflation risks and interest rate hikes. Traders shrugged off an upbeat session on Wall Street overnight as the tech selloff eased. Most sectors traded in the red, including electronic technology, which fell 1.0% following a 0.5% drop in the previous session. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 0.6%. Meanwhile, MediaTek fell 1.3%, Delta Electronics dropped 2.1%, and ASE Technology shed 1.5%. The financial sector plunged 2.3%, mainly weighed down by Fubon Financial Holding (-3.2%) and Cathay Financial Holdings (-3.9%).
The TAIEX, Taiwan’s benchmark stock index, fell 529 points, or 1.1%, to close at 46,293 on Tuesday, extending losses from the previous session and remaining at its lowest level since September 17. The broader index tracked declines among Asian market peers amid ongoing concerns over AI investment. Rising oil prices also pressured sentiment, raising concerns about inflation risks and interest rate hikes. Traders shrugged off an upbeat session on Wall Street overnight as the tech selloff eased.
Most sectors traded in the red, including electronic technology, which fell 1.0% following a 0.5% drop in the previous session. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 0.6%. Meanwhile, MediaTek fell 1.3%, Delta Electronics dropped 2.1%, and ASE Technology shed 1.5%. The financial sector plunged 2.3%, mainly weighed down by Fubon Financial Holding (-3.2%) and Cathay Financial Holdings (-3.9%).