TAIEX Closes at Over-2

TAIEX Closes at Over-2-Month Low on Tech Weakness

The TAIEX, Taiwan's benchmark stock index, plunged 1,564 points, or 3.8%, to close at 40,039 on Wednesday, down for the fourth consecutive session and marking its lowest level since May 20, as a global selloff in chipmakers continued to weigh on technology heavyweights.

Growing concerns over revenue amid heavy AI investments weighed on sentiment after the Philadelphia Semiconductor Index shed 4.5% overnight.

The broader index tracked losses in US stock futures ahead of the Fed's monetary policy decision amid rising oil prices due to the escalating conflict in the Middle East. Electronic technology stocks slumped 4.5%, after falling 5.3% in the previous session, with TSMC, the world's largest contract chipmaker, accounting for more than 40% of the market's total value, declining 2.2% following a 3.0% drop a day earlier.

Meanwhile, ASE Technology Holding, Delta Electronics, and MediaTek slumped 9.9%, 7.9%, and 7.5%, respectively.

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