TAIEX Ends 4.9% Higher, Snapping 7-Session Losing Streak
The TAIEX, Taiwan’s benchmark stock index, surged 1,960 points, or 4.9%, to close at 42,060 on Monday, rebounding from its lowest level since April 30, touched on Friday, and ending a seven-session decline after Taiwan's finance ministry and market regulators moved to tighten short-selling restrictions. Both agencies were also ready to deploy the NT$500 billion stock stabilization fund. An upbeat session in US stock futures also lifted sentiment, with almost all subsectors trading in the green, led by electronic technology, which surged 6.8%. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, surged 4.7%. Other heavyweight tech stocks also jumped, including MediaTek (9.9%), Hon Hai Precision (6.5%), 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.
The TAIEX, Taiwan’s benchmark stock index, surged 1,960 points, or 4.9%, to close at 42,060 on Monday, rebounding from its lowest level since April 30, touched on Friday, and ending a seven-session decline after Taiwan's finance ministry and market regulators moved to tighten short-selling restrictions. Both agencies were also ready to deploy the NT$500 billion stock stabilization fund. An upbeat session in US stock futures also lifted sentiment, with almost all subsectors trading in the green, led by electronic technology, which surged 6.8%. TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, surged 4.7%.
Other heavyweight tech stocks also jumped, including MediaTek (9.9%), Hon Hai Precision (6.5%), 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.