TAIEX Rises to Over 7

TAIEX Rises to Over 7-Week High on Tech Gains

The TAIEX, Taiwan’s benchmark stock index, rose 410 points, or 0.9%, to 46,242 in Thursday morning trading, up for the third straight session, mainly buoyed by electronic technology, process industry, and technology services.

The broader index reached its highest level since July 6, with electronic technology and technology services rising 1.0% and 1.2%, respectively, tracking a rise in US stock futures supported by a jump in Nvidia shares after the company forecast a 70% surge in revenue for the next fiscal year.

TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, gained 0.6%.

Meanwhile, MediaTek rose 1.3%, and Delta Electronics climbed 2.0%.

Nanya Technology, a major Taiwanese memory chip supplier, grew 2.7%.

On the data front, Taiwan consumer confidence improved in August. However, traders awaited speeches by FOMC officials at the Jackson Hole Symposium for guidance on the Fed’s monetary policy decision at its upcoming meeting.