The TAIEX, Taiwan’s benchmark stock index, dropped 1,656 points, or 3.4%, to close at 46,970 on Thursday, snapping the gains from the previous session and marking its lowest finish since September 17. The broader market tracked losses across other Asian equities, after a weak performance on Wall Street driven by a selloff in technology shares. Sentiment deteriorated as higher-than-expected US inflation data reinforced expectations of another Federal Reserve rate hike. Rising oil prices added further pressure, heightening concerns over both inflation and borrowing costs.
Most sectors finished in negative territory, with the steepest losses in electronic technology, process industries, energy minerals, and technology services. Electronic technology shares fell 4.0%, mirroring the tech-led downturn in the US. TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization, declined 2.0%. Among other major names, MediaTek, Delta Electronics, and ASE Technology slumped 6.9%, 8.7%, and 9.9%, respectively, while Hon Hai Precision Industry retreated 1.4%.
