Taiwan Stocks Rebound from Over 6-Month Low
The TAIEX, Taiwan’s benchmark stock index, jumped 2,359 points, or 5.4%, to 42,060 on Monday around noon, rebounding from its lowest level since April 30, touched on Friday, and tracking a rise on Wall Street on Friday amid a rebound in AI-related stocks. Almost all subsectors traded in the green, led by electronic technology, which surged 6.6%. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, soared 6.3% after slumping 4.7% on Friday. Other heavyweight tech stocks also surged, including MediaTek (9.9%), Hon Hai Precision (8.2%), and Delta Electronics (10.0%). Moderating oil prices also lifted sentiment as inflation and interest-rate-hike concerns eased. However, traders anticipated the release of China's trade data and US inflation figures later this week for clues about the Fed's monetary policy decision at its upcoming meeting.
The TAIEX, Taiwan’s benchmark stock index, jumped 2,359 points, or 5.4%, to 42,060 on Monday around noon, rebounding from its lowest level since April 30, touched on Friday, and tracking a rise on Wall Street on Friday amid a rebound in AI-related stocks. Almost all subsectors traded in the green, led by electronic technology, which surged 6.6%. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, soared 6.3% after slumping 4.7% on Friday. Other heavyweight tech stocks also surged, including MediaTek (9.9%), Hon Hai Precision (8.2%), and Delta Electronics (10.0%).
Moderating oil prices also lifted sentiment as inflation and interest-rate-hike concerns eased. However, traders anticipated the release of China's trade data and US inflation figures later this week for clues about the Fed's monetary policy decision at its upcoming meeting.