Taiwan Stocks End at 5-Week Low
The TAIEX, Taiwan’s benchmark stock index, fell 846 points, or 1.8%, to 46,041 on Thursday, erasing gains from the previous session and tracking declines in US stock futures as investors digested earnings from Meta and Tesla. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes amid escalating tensions in the Middle East and the Russia-Ukraine conflict. The broader index fell to its lowest level since September 17, weighed mainly by electronic technology, producer manufacturing, process industries, and commercial services. Electronic technology stocks shed 2.3% amid ongoing concerns over AI investment, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.5%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision fell 3.1%, 4.0%, and 2.0%, respectively. Process industries plunged 3.8%, mainly due to a 6.1% slump in Nan Ya Plastics Corporation.
The TAIEX, Taiwan’s benchmark stock index, fell 846 points, or 1.8%, to 46,041 on Thursday, erasing gains from the previous session and tracking declines in US stock futures as investors digested earnings from Meta and Tesla. Rising oil prices further pressured sentiment, raising concerns over inflation expectations and interest rate hikes amid escalating tensions in the Middle East and the Russia-Ukraine conflict. The broader index fell to its lowest level since September 17, weighed mainly by electronic technology, producer manufacturing, process industries, and commercial services.
Electronic technology stocks shed 2.3% amid ongoing concerns over AI investment, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.5%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision fell 3.1%, 4.0%, and 2.0%, respectively. Process industries plunged 3.8%, mainly due to a 6.1% slump in Nan Ya Plastics Corporation.