The TAIEX, Taiwan’s benchmark stock index, fell 222 points, or 0.5%, to 42,450 on Monday, erasing its early gains and extending the previous session’s losses. The index hovered at its lowest level since May 22, mirroring Friday’s decline on Wall Street amid a renewed selloff in technology shares.
Sentiment was further pressured by rising oil prices following US strikes on Iran, which heightened inflation concerns and strengthened expectations of additional interest rate hikes. Losses were led primarily by electronic technology, financial, and traditional process industries.
The electronic technology sector slipped 0.6%, following a steep 7.5% plunge in the prior session. Notable decliners included Nan Ya Plastics (-6.3%), CTBC Financial (-1.0%), MediaTek (-0.9%), and Fubon Financial (-0.5%).
In contrast, TSMC—the world’s largest contract chipmaker and a heavyweight that accounts for more than 40% of the market’s total value—rose 1.3%. The stock staged a strong rebound after a 7.3% slide in the previous session, supported by the company’s expectations of robust demand for AI chips.
