Taiwan Stocks End at Over 3-Month Low on Tech Selloff
The TAIEX, Taiwan’s benchmark stock index, plunged 1,374 points, or 3.2%, to close at 41,574 on Thursday, extending losses for a sixth consecutive session, mainly dragged down by electronic technology. The broader index lingered at its lowest level since July 30, with electronic technology falling 3.6%, amid persistent concerns over massive spending on AI infrastructure. Traders also anticipated the release of October inflation data after the market closed. However, moderating oil prices helped limit losses as inflation concerns and expectations of interest rate hikes eased. An upbeat session on Wall Street overnight also prevented the index from falling further, after Democrats won back control of Congress. Heavyweight stocks slumped, including MediaTek (-6.9%), Delta Electronics (-7.4%), and ASE Technology (-8.8%), while Hon Hai Precision shed 2.1%. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, fell 0.9%.
The TAIEX, Taiwan’s benchmark stock index, plunged 1,374 points, or 3.2%, to close at 41,574 on Thursday, extending losses for a sixth consecutive session, mainly dragged down by electronic technology. The broader index lingered at its lowest level since July 30, with electronic technology falling 3.6%, amid persistent concerns over massive spending on AI infrastructure. Traders also anticipated the release of October inflation data after the market closed. However, moderating oil prices helped limit losses as inflation concerns and expectations of interest rate hikes eased.
An upbeat session on Wall Street overnight also prevented the index from falling further, after Democrats won back control of Congress. Heavyweight stocks slumped, including MediaTek (-6.9%), Delta Electronics (-7.4%), and ASE Technology (-8.8%), while Hon Hai Precision shed 2.1%. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, fell 0.9%.