The TAIEX, Taiwan’s benchmark stock index, dropped 1,157 points, or 2.5%, to close at 45,212 on Friday, extending the previous session’s losses and mirroring a sharp decline in US stock futures following weaker-than-expected earnings from major technology companies. The index fell to its lowest level since August 24, pressured primarily by losses in electronic technology, technology services, producer manufacturing, and process industries.
Electronic technology shares slid 3.0%, dragged down by a 2.0% decline in TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total value. MediaTek, Delta Electronics, and Hon Hai Precision also retreated, losing 4.2%, 9.8%, and 3.0%, respectively. Technology services tumbled 2.8%, weighed notably by a 5.6% drop in Wiwynn Corporation.
On a weekly basis, the TAIEX slipped 1.8%. For the month, the index sank 4.7%, reversing gains from the prior month amid a broad sell-off in technology stocks.
