TAIEX Falls to Over 3-Month Low on Tech Weakness
The TAIEX, Taiwan’s benchmark stock index, plunged 993 points, or 2.3%, to 42,315 around noon on Wednesday, extending losses for a fifth straight session and tracking a decline in US stock futures amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. The broader index touched its lowest level since July 30, mainly weighed down by losses in electronic technology. Electronic technology shares continued to decline, falling 3.0% amid concerns over massive spending on AI infrastructure. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, dropped 1.1% after falling 1.5% in the previous session. MediaTek fell 2.6%, Hon Hai Precision shed 2.2%, Delta Electronics plunged 4.7%, and Unimicron slumped 5.3%. However, easing oil prices helped limit losses as inflation concerns and expectations of interest rate hikes moderated.
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The TAIEX, Taiwan’s benchmark stock index, plunged 993 points, or 2.3%, to 42,315 around noon on Wednesday, extending losses for a fifth straight session and tracking a decline in US stock futures amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. The broader index touched its lowest level since July 30, mainly weighed down by losses in electronic technology. Electronic technology shares continued to decline, falling 3.0% amid concerns over massive spending on AI infrastructure.
TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, dropped 1.1% after falling 1.5% in the previous session. MediaTek fell 2.6%, Hon Hai Precision shed 2.2%, Delta Electronics plunged 4.7%, and Unimicron slumped 5.3%. However, easing oil prices helped limit losses as inflation concerns and expectations of interest rate hikes moderated.