The TAIEX, Taiwan’s benchmark stock index, tumbled 2,700 points, or 6.5%, to 38,874 in Friday morning trade, hitting its lowest level since April 23. The drop tracked overnight declines on Wall Street, driven by a sharp selloff in AI-related stocks amid concerns over the implications of the Democrats’ sweeping victory on Tuesday.
Losses were broad-based, with all subsectors in negative territory. Electronic technology and producer manufacturing led the downturn, plunging 8.1% and 8.6%, respectively. The selloff extended the broader index’s losing streak to a seventh consecutive session.
Heavyweight chipmaker TSMC, which accounts for more than 40% of the market’s total capitalization, sank 5.6%. Other major tech names also retreated sharply, including MediaTek (-6.2%), Hon Hai Precision (-6.4%), and Delta Electronics (-9.7%).
A moderation in October inflation helped curb even deeper losses in the index. For the week, the TAIEX is on track for a 14.0% decline, poised for its fourth consecutive weekly loss amid an ongoing tech-led selloff.
