01.09.202607:37:15UTC+00TAIEX Ends at 2-Month High as Tech Stocks Rally

The TAIEX, Taiwan’s benchmark stock index, rose 820 points, or 1.8%, to 46,949 on Thursday, extending its winning streak to a fifth consecutive session and marking its highest close since July 1. The advance was driven primarily by strength in electronic technology shares, with the sector up 2.0%, while technology services outperformed with a 6.4% surge.

TSMC, the world’s largest contract chipmaker and a heavyweight accounting for more than 40% of the market’s total capitalization, gained 0.8%. MediaTek jumped 9.9% after Nvidia subscribed to USD 3.5 billion of its exchangeable bonds, part of MediaTek’s record USD 3.9 billion overseas convertible bond issuance.

Other major tech names also advanced: Delta Electronics and Hon Hai Precision Industry added 0.8% and 1.6%, respectively, while ASE Technology Holding rallied 4.5%.

Market sentiment was further supported by fresh data, as a private survey indicated solid growth in Taiwan’s factory activity in August. However, gains on the TAIEX were limited by overnight weakness on Wall Street, where rising oil prices fueled renewed inflation concerns and reinforced expectations of another interest rate hike by the US Federal Reserve.