02.10.202604:02:55UTC+00TAIEX Hits Record High On Energy Mineral Boost

The TAIEX, Taiwan’s benchmark stock index, climbed 76 points, or 0.2%, to a fresh all-time high of 48,429 around midday Friday, extending its rally for a third straight session. The advance was driven primarily by strength in energy minerals, producer manufacturing, and process industries, as traders sought to ride the momentum following the previous day’s record close.

The local market also took its cue from Wall Street, where stocks rose overnight amid easing US Treasury yields. The energy and mineral sector led gains, surging 6.1%, supported by a sharp rise in Formosa Petrochemical Corp., which jumped 5.6% on the back of higher oil prices and robust refining margins.

In contrast, the heavyweight electronic technology sector inched up just 0.1%. Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker and accounting for more than 40% of the TAIEX’s total market value, slipped 0.4%. Other notable gainers included Formosa Chemicals, up 5.5%, and Elite Material, up 2.9%.

For the week, the index is on track for a 0.8% gain, which would mark its third consecutive weekly advance.