The TAIEX, Taiwan’s benchmark stock index, dropped 846 points, or 1.8%, to 46,041 on Thursday, wiping out the prior session’s gains as it tracked declines in US stock futures and investors digested earnings from Meta and Tesla. Sentiment was further weighed down by rising oil prices, which intensified concerns about inflation and the prospect of additional interest rate hikes amid escalating tensions in the Middle East and the ongoing Russia-Ukraine war.
The broader market slipped to its lowest level since September 17, dragged down primarily by electronic technology, producer manufacturing, process industries, and commercial services. Electronic technology stocks lost 2.3% amid persistent worries over AI-related investment. TSMC — the world’s largest contract chipmaker and a heavyweight accounting for more than 40% of the TAIEX’s total market value — declined 1.5%. MediaTek, Delta Electronics, and Hon Hai Precision dropped 3.1%, 4.0%, and 2.0%, respectively.
Process industries sank 3.8%, led by a 6.1% slide in Nan Ya Plastics Corporation.
