20.10.202607:18:36UTC+00TAIEX Ends Near 5-Week Low as Tech Stocks Drag

The TAIEX, Taiwan’s benchmark stock index, fell 529 points, or 1.1%, to close at 46,293 on Tuesday, extending the previous session’s losses and holding at its lowest level since September 17. The broader market tracked declines across major Asian bourses, pressured by persistent concerns over AI-related investment. Sentiment was further weighed by rising oil prices, which stoked worries about inflation and the possibility of additional interest rate hikes.

Investors largely ignored the positive lead from Wall Street, where a tech selloff had eased overnight. Most sectors finished in negative territory, with electronic technology stocks down 1.0% after a 0.5% retreat in the prior session. TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the TAIEX’s total market value, extended its decline, slipping 0.6%. Among other major tech names, MediaTek dropped 1.3%, Delta Electronics lost 2.1%, and ASE Technology fell 1.5%.

The financial sector was among the worst performers, tumbling 2.3%, dragged lower in particular by Fubon Financial Holding, which sank 3.2%, and Cathay Financial Holdings, which slid 3.9%.