TAIEX, Taiwan’s benchmark stock index, climbed 615 points, or 1.3%, to a fresh record high of 48,247 in Wednesday morning trade, snapping a two-session losing streak. The advance was driven primarily by gains in electronic technology shares following an upswing in the Philadelphia Semiconductor Index.
The electronic technology subindex rose 1.5%. Taiwan Semiconductor Manufacturing Company (TSMC) — the world’s largest contract chipmaker and accounting for over 40% of the local market’s total capitalization — gained 1.2%. MediaTek and Delta Electronics jumped 2.8% and 3.0%, respectively. Hon Hai Precision Industry added 0.6%, while ASE Technology Holding advanced 2.6%.
Sentiment was further supported by China’s latest PMI data, which showed private-sector activity on the mainland accelerating in September. However, upside momentum was limited by a weak overnight session on Wall Street amid surging US Treasury yields. Investors were also cautious ahead of the release of the US PCE price index, seeking further signals on the Federal Reserve’s policy stance at its upcoming meeting.
TAIEX is on track for a 4.6% gain for the quarter.
