Taiwan Stocks Rebound from Near 5-Week Low
The TAIEX, Taiwan’s benchmark stock index, advanced 860 points, or 1.9%, to 47,153 in Wednesday morning trade, erasing losses from the previous two sessions and tracking gains on Wall Street overnight amid easing Treasury yields and oil prices. The broader index moved away from its lowest level since September 17, touched a day earlier, mainly boosted by gains in electronic technology and finance. Electronic technology rebounded, rising 1.5% after falling 1.0% in the previous session due to concerns over AI investment. Moderating oil prices lifted sentiment, easing concerns about inflation risks and interest rate hikes. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, recovered, rising 1.0%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision gained 2.2%, 2.8%, and 2.5%, respectively. The financial sector rebounded, climbing 1.1%, mainly supported by gains from Fubon Financial (0.7%) and Cathay Financial (2.5%).
The TAIEX, Taiwan’s benchmark stock index, advanced 860 points, or 1.9%, to 47,153 in Wednesday morning trade, erasing losses from the previous two sessions and tracking gains on Wall Street overnight amid easing Treasury yields and oil prices. The broader index moved away from its lowest level since September 17, touched a day earlier, mainly boosted by gains in electronic technology and finance. Electronic technology rebounded, rising 1.5% after falling 1.0% in the previous session due to concerns over AI investment. Moderating oil prices lifted sentiment, easing concerns about inflation risks and interest rate hikes.
TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, recovered, rising 1.0%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision gained 2.2%, 2.8%, and 2.5%, respectively. The financial sector rebounded, climbing 1.1%, mainly supported by gains from Fubon Financial (0.7%) and Cathay Financial (2.5%).