The TAIEX, Taiwan’s benchmark stock index, rose 860 points, or 1.9%, to 47,153 in Wednesday morning trading, fully reversing losses from the previous two sessions. The advance followed overnight gains on Wall Street, supported by easing US Treasury yields and lower oil prices. The broader market pulled away from its lowest level since September 17, hit just a day earlier, with the recovery led primarily by electronic technology and financial stocks.
Electronic technology shares rebounded, climbing 1.5% after a 1.0% decline in the prior session driven by worries over AI-related investment. Softer oil prices helped improve risk sentiment, alleviating concerns about inflationary pressures and further interest rate hikes. TSMC, the world’s largest contract chipmaker and a heavyweight accounting for more than 40% of the Taiwan market’s total capitalization, advanced 1.0%. Among other major tech names, MediaTek, Delta Electronics, and Hon Hai Precision gained 2.2%, 2.8%, and 2.5%, respectively.
The financial sector also staged a recovery, adding 1.1%, supported mainly by Fubon Financial, up 0.7%, and Cathay Financial, which climbed 2.5%.
