TAIEX Hits Over 2-Month Low, Suffers Monthly Loss
The TAIEX, Taiwan’s benchmark stock index, slumped 1,157 points, or 2.5%, to close at 45,212 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 plunged 3.0%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 2.0%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision slumped 4.2%, 9.8%, and 3.0%, respectively. Technology services also fell sharply by 2.8%, mainly weighed down by a 5.6% plunge in Wiwynn Corporation. For the week, the index fell 1.8%, while plunging 4.7% for the month after rising in the previous month, amid a sell-off in technology stocks.
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The TAIEX, Taiwan’s benchmark stock index, slumped 1,157 points, or 2.5%, to close at 45,212 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 plunged 3.0%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, falling 2.0%.
Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision slumped 4.2%, 9.8%, and 3.0%, respectively. Technology services also fell sharply by 2.8%, mainly weighed down by a 5.6% plunge in Wiwynn Corporation. For the week, the index fell 1.8%, while plunging 4.7% for the month after rising in the previous month, amid a sell-off in technology stocks.