23.06.202603:55:08UTC+00TAIEX Pulls Back from Record High on Profit-Taking

The TAIEX, Taiwan’s benchmark stock index, slipped 170 points, or 0.4%, to 47,571 in Tuesday morning trading, ending a six-session winning streak as investors locked in profits after the gauge set a record high the previous day. The broader market pulled back from Monday’s fresh peak of 47,571, when it closed above the 47,000 mark for the first time, with losses concentrated in electronic technology, manufacturing, and technology services shares.

Electronic technology stocks declined 1.1%, giving back part of a 3.1% rally in the prior session. Delta Electronics lost 2.3%, while Hon Hai Precision Industry fell 2.1%, after gaining 0.9% and 2.2%, respectively, on Monday. In contrast, TSMC — the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization — inched up 0.2%, a sharp slowdown from its 3.1% surge in the previous session.

Producer manufacturing stocks sank 3.3%, dragged lower primarily by Elite Material, down 3.9%, and King Slide Works, which slipped 2.9%.