TAIEX Ends at 4

TAIEX Ends at 4-Week Low as Tech Stocks Weigh

The TAIEX, Taiwan’s benchmark stock index, dropped 290 points, or 0.6%, to close at 46,822 on Monday, erasing gains from the previous session and touching its lowest level since September 17.

The decline tracked losses on Wall Street on Friday amid a tech sell-off and concerns over AI-related investment.

Most sectors traded in the red, including electronic technology, which dropped 0.5% after gaining 0.2% on Friday.

TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, continued to decline, losing 1.0% following a 0.2% drop in the previous session.

Meanwhile, MediaTek shed 1.3%, Hon Hai Precision lost 2.1%, and ASE Technology dropped 1.5%.

The financial sector fell 0.9%, mainly weighed down by Fubon Financial Holding (-1.9%) and Cathay Financial Holdings (-2.2%).

However, moderating oil prices, easing expectations of Fed rate hikes, and strong Chinese data, with Q3 GDP growth beating estimates, helped limit the decline.