FX.co ★ TAIEX Extends Slide, Stays at Over 2-Month Low

The TAIEX, Taiwan's benchmark stock index, dropped 1,397 points, or 3.74%, to 40,206 in Wednesday morning trading, extending its losing streak to a fourth straight session and hitting its lowest level since May 20. The decline came as a global selloff in chipmakers continued to pressure technology heavyweights. Electronic technology shares tumbled 4.2%, after a 5.3% slide in the previous session. TSMC, the world's largest contract chipmaker and a stock that accounts for more than 40% of the market's total capitalization, fell another 2.4% following a 3.0% retreat a day earlier. Delta Electronics and MediaTek also slumped, losing 7.6% and 7.5%, respectively. Among major memory chipmakers, Nanya Technology Corp. and Winbond Electronics Corp. plunged 9.9% and 9.7%, respectively. At the same time, traders were awaiting the US Federal Reserve’s interest rate decision due later in the day, against a backdrop of rising oil prices driven by escalating conflict in the Middle East.