TAIEX Trades at Over 2-Month Low, Set for Monthly Fall
The TAIEX, Taiwan’s benchmark stock index, plunged 1,446 points, or 3.1%, to 44,922 around noon on Friday, extending losses from the previous session and tracking a sharp fall in US stock futures amid disappointing earnings from major technology companies. The broader index touched its lowest level since August 24, mainly weighed down by declines in electronic technology, technology services, producer manufacturing, and process industries. Electronic technology slumped 3.6%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.9%. Meanwhile, MediaTek, Hon Hai Precision, and Delta Electronics plunged 4.6%, 9.8%, and 3%, respectively. Technology services also fell sharply by 4.2%, mainly weighed down by a 5.0% decline in Wiwynn Corporation. For the week, the index was heading for a 1.1% drop, while plunging 6.3% for the month after rising in the previous month, amid a sell-off in technology stocks.
The TAIEX, Taiwan’s benchmark stock index, plunged 1,446 points, or 3.1%, to 44,922 around noon on Friday, extending losses from the previous session and tracking a sharp fall in US stock futures amid disappointing earnings from major technology companies. The broader index touched its lowest level since August 24, mainly weighed down by declines in electronic technology, technology services, producer manufacturing, and process industries. Electronic technology slumped 3.6%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 1.9%.
Meanwhile, MediaTek, Hon Hai Precision, and Delta Electronics plunged 4.6%, 9.8%, and 3%, respectively. Technology services also fell sharply by 4.2%, mainly weighed down by a 5.0% decline in Wiwynn Corporation. For the week, the index was heading for a 1.1% drop, while plunging 6.3% for the month after rising in the previous month, amid a sell-off in technology stocks.