TAIEX Ends at Over 2-Month Low on Tech Weakness
The TAIEX, Taiwan’s benchmark stock index, fell 292 points, or 0.7%, to close at 44,920 on Monday, extending losses for a third straight session and tracking a decline on Wall Street on Friday due to a sell-off in major technology stocks. The broader index touched its lowest level since August 24, mainly weighed down by declines in electronic technology and financials. The latest data from China also pressured sentiment, as the government survey showed that factory activity in the mainland unexpectedly contracted in October, while the private survey revealed that manufacturing growth eased slightly. Electronic technology stocks shed 0.8%, with TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, falling 1.7%. Meanwhile, United Microelectronics dropped 1.4%, and Asia Vital Components fell 1.1%. However, easing oil prices capped the losses as inflation concerns moderated.
The TAIEX, Taiwan’s benchmark stock index, fell 292 points, or 0.7%, to close at 44,920 on Monday, extending losses for a third straight session and tracking a decline on Wall Street on Friday due to a sell-off in major technology stocks. The broader index touched its lowest level since August 24, mainly weighed down by declines in electronic technology and financials. The latest data from China also pressured sentiment, as the government survey showed that factory activity in the mainland unexpectedly contracted in October, while the private survey revealed that manufacturing growth eased slightly.
Electronic technology stocks shed 0.8%, with TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, falling 1.7%. Meanwhile, United Microelectronics dropped 1.4%, and Asia Vital Components fell 1.1%. However, easing oil prices capped the losses as inflation concerns moderated.