13.08.202607:07:51UTC+00TAIEX Ends 1.1% Higher at Over 5-Week High

The TAIEX, Taiwan’s benchmark stock index, climbed 503 points, or 1.1%, to close at 46,021, marking its fourth consecutive gain. The advance was led primarily by electronic technology shares, and the broader market reached its highest level since July 6 as traders continued to drive the sector higher. Electronic technology stocks rose 1.5%, extending Wednesday’s 1.1% increase.

TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization, added 0.8%. MediaTek and Delta Electronics jumped 5.4% and 4.8%, respectively. Yageo Corporation, a global leader in electronic passive components, surged 10% after becoming the fifth-largest holding in Norway’s sovereign wealth fund.

Sentiment was further bolstered by an overnight rally on Wall Street, as easing inflation reduced expectations that the Federal Reserve will raise interest rates at its upcoming meeting.