TAIEX Sinks to 3-Month Low as Tech Stocks Slide
The TAIEX, Taiwan’s benchmark stock index, shed 1,199 points, or 2.7%, to 43,712 on Tuesday around noon, extending losses for a fourth straight session and tracking a decline on Wall Street overnight amid continued falls in tech stocks. The broader index touched its lowest level since August 4, with almost all sectors trading in the red. Electronic technology stocks plunged 3.3%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, declining 0.6%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision dropped by 3.7%, 2.2%, and 1.2%, respectively. Financial stocks shed 2.6%, mainly weighed down by Fubon Financial, which dropped 1.3%. However, easing oil prices limited the losses as inflation concerns and expectations of interest rate hikes moderated.
The TAIEX, Taiwan’s benchmark stock index, shed 1,199 points, or 2.7%, to 43,712 on Tuesday around noon, extending losses for a fourth straight session and tracking a decline on Wall Street overnight amid continued falls in tech stocks. The broader index touched its lowest level since August 4, with almost all sectors trading in the red. Electronic technology stocks plunged 3.3%, with TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, declining 0.6%. Meanwhile, MediaTek, Delta Electronics, and Hon Hai Precision dropped by 3.7%, 2.2%, and 1.2%, respectively.
Financial stocks shed 2.6%, mainly weighed down by Fubon Financial, which dropped 1.3%. However, easing oil prices limited the losses as inflation concerns and expectations of interest rate hikes moderated.