TAIEX drops 1.4% as tech stocks fall
Taiwan’s benchmark stock index TAIEX falls sharply, tracking losses in US tech stocks.
TAIEX Plunges
Taiwan’s TAIEX, the benchmark stock index, dropped 654 points, or 1.4%, to 46,457 around noon on Monday, marking its lowest level since September 17.
The decline was in line with losses among Asian market peers, following a downbeat session on Wall Street amid a tech sell-off and concerns over AI-related investment.
Tech Sector Hit Hard
Tech stocks, particularly those of the world’s largest contract chipmaker, TSMC, which accounts for more than 40% of the market’s total value, saw a significant decline, losing 1.0% following a 0.2% drop in the previous session.
MediaTek and Hon Hai Precision fell 1.9% and 2.1%, respectively, while Delta Electronics dropped 0.9%.
Geopolitical and Economic Factors
Moderating oil prices, easing expectations of Fed rate hikes, and strong Chinese data, with Q3 GDP growth beating estimates, helped limit the decline.
However, the New Taiwan dollar fell sharply against the US dollar, closing above the NT$32 mark for the first time in two months, as investors shifted funds to the greenback amid escalating geopolitical unease.
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