28.07.202602:00:09UTC+00Taiwan Stocks Hit Over 2-Month Low on Tech Selloff

The TAIEX, Taiwan’s benchmark stock index, tumbled 1,512 points, or 3.5%, to 42,123 in Tuesday morning trading, extending its losing streak to a third straight session and hitting its lowest level since May 21. A global selloff in chipmakers dragged down technology heavyweights and broadly pressured the market.

Nearly all sectors traded lower, led by process industries, followed by electronic technology, technology services, and industrial services. Sentiment was further dampened by reports that a Chinese state-backed company has begun producing immersion DUV lithography equipment, as well as the trading debut of ChangXin Memory Technologies (CXMT).

The electronic technology sector slid 3.9%. Taiwan Semiconductor Manufacturing Company (TSMC) — the world’s largest contract chipmaker and a stock that accounts for more than 40% of the TAIEX’s total market value — dropped 2.6% after closing flat in the previous session. MediaTek and Delta Electronics lost 6.7% and 7.4%, respectively. Among major memory chipmakers, Nanya Technology Corp. sank 9.8%, while Winbond Electronics Corp. fell 10.0%.