TAIEX Starts Week Higher, Rebounds from 6-Week Low
The TAIEX, Taiwan’s benchmark stock index, climbed 294 points, or 0.6%, to 46,355 in Tuesday morning trade, erasing losses from the previous session as trading resumed after a two-day market closure. The broader index moved away from its lowest level since September 15, touched last Thursday, tracking gains on Wall Street overnight amid a rebound in AI-related stocks. The technology, financial, and commercial services sectors mainly lifted the index, with electronic technology rising 0.7%. Moderating oil prices also boosted 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 0.8%. Meanwhile, MediaTek, Hon Hai Precision, and ASE Technology Holding gained 0.6%, 1.0%, and 0.9%, respectively. However, gains were limited by traders’ caution ahead of the Fed’s monetary policy decision this week.
The TAIEX, Taiwan’s benchmark stock index, climbed 294 points, or 0.6%, to 46,355 in Tuesday morning trade, erasing losses from the previous session as trading resumed after a two-day market closure. The broader index moved away from its lowest level since September 15, touched last Thursday, tracking gains on Wall Street overnight amid a rebound in AI-related stocks. The technology, financial, and commercial services sectors mainly lifted the index, with electronic technology rising 0.7%. Moderating oil prices also boosted 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 0.8%. Meanwhile, MediaTek, Hon Hai Precision, and ASE Technology Holding gained 0.6%, 1.0%, and 0.9%, respectively. However, gains were limited by traders’ caution ahead of the Fed’s monetary policy decision this week.