The TAIEX, Taiwan’s benchmark stock index, climbed 518 points, or 1.1%, to 47,488 around midday on Friday, rebounding after the previous session’s decline, when it touched its lowest level since September 17. The recovery mirrored gains across other Asian markets, following a positive session on Wall Street as the recent tech selloff showed signs of easing.
Upside momentum was tempered by elevated oil prices, which fueled concerns over inflation and the prospect of further interest rate hikes. Investors also remained cautious ahead of a raft of Chinese economic releases due next week, including GDP growth figures.
Most sectors traded higher, with electronic technology stocks rising 1.1% after slumping 4% on Thursday. Among notable movers, MediaTek advanced 3.1%, Delta Electronics added 0.9%, and Hon Hai Precision gained 2.1%. By contrast, TSMC—the world’s largest contract chipmaker and accounting for more than 40% of the market’s total capitalization—edged down 0.4% after CEO C.C. Wei cautioned on Thursday that consumer demand and price-sensitive end markets were facing increasing headwinds.
