TAIEX Hits 5

TAIEX Hits 5-Week Low on Tech Selloff

The TAIEX, Taiwan’s benchmark stock index, slumped 1,900 points, or 4.3%, to 43,725 in Friday morning trade, after being almost flat in the previous session, tracking a decline on Wall Street overnight amid a sharp selloff in semiconductor stocks.

The broader index hit its lowest level since June 10, mainly weighed down by electronic technology stocks, which plunged 5.0%.

TSMC, the world's largest contract chipmaker, which accounts for more than 40% of the market's total value, slumped 3.9%, while MediaTek also plunged 6.4%.

Meanwhile, Delta Electronics and Hon Hai Precision Industry slumped 5.3% and 2.3%, respectively.

Rising oil prices also pressured sentiment, as concerns over inflation raised expectations of further interest rate hikes.

Traders also awaited the release of a slew of data, including industrial production and retail sales for June, due next week.

For the week, the index is heading for a 3.6% plunge amid higher oil prices and a global tech stock selloff.

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