TAIEX Hits 2

TAIEX Hits 2-Month High on Tech Sector Boost

The TAIEX, Taiwan’s benchmark stock index, advanced 683 points, or 1.5%, to 46,812, up for the fifth straight session and hitting its highest level since July 1, mainly buoyed by gains in electronic technology.

Electronic technology rose 1.4%, while technology services surged 4.1%.

TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, gained 0.6%.

MediaTek jumped 9.9% after Nvidia subscribed to USD 3.5 billion of its exchangeable bonds as part of MediaTek's record USD 3.9 billion overseas convertible bond offering.

Meanwhile, Delta Electronics and Hon Hai Precision Industry gained 0.8% and 1.6%, respectively, and ASE Technology Holding soared 3.9%.

The fresh data also lifted sentiment, as a private survey showed that Taiwan's factory activity grew solidly in August. However, a downbeat session on Wall Street overnight capped the gain, as rising oil prices raised concerns over inflation pressure.