TAIEX Ends at New Record High on Tech Rally

TAIEX Ends at New Record High on Tech Rally

The TAIEX, Taiwan’s benchmark stock index, soared 1,276 points, or 2.8%, to close at a fresh record high of 47,742 on Monday, extending gains for a sixth straight session and reaching a record high for the second consecutive session after resuming trading following a holiday on Friday.

The broader index surpassed the 47,000 level for the first time, mainly buoyed by gains in electronic technology and process industry stocks.

Sentiment was also lifted by a statement from Pakistan and Qatar, the mediating countries, that progress had been made in US-Iran peace deal talks.

Electronic technology stocks jumped 3.3% as optimism over AI demand continued to support sentiment.

TSMC, the world's largest contract chipmaker and a company accounting for more than 40% of the market's total value, surged 4.2% after reports that it is accelerating its CoPoS rollout, a technology that replaces traditional round wafers.

MediaTek rose 2.4%, Hon Hai Precision gained 0.2%, and ASE Tech jumped 10.0%.

More news from Trading Economics