The TAIEX, Taiwan's benchmark stock index, fell 106 points, or 0.3%, to close at 39,933 on Thursday, declining for a fifth straight session and hitting its lowest level since April 30. The downturn was driven primarily by weakness in energy minerals, technology services, and electronic technology shares.
Electronic technology stocks extended losses amid concerns about the returns on AI-related investments, slipping 0.4% after a 3.8% plunge in the previous session. The sector was dragged down in particular by Hon Hai Precision Industry (-3.2%), Nanya Technology (-7.2%), and Quanta Computer (-9.9%).
In contrast, TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization, inched up 0.2%. The stock rebounded after a 2.2% decline the day before, supported by news that TSMC had, for the first time, been included among the top 100 companies in this year’s Fortune Global 500.
At the same time, easing oil prices helped temper inflation worries and reduced expectations of further interest rate hikes, thereby limiting the market’s overall losses.
