19.10.202603:47:08UTC+00TAIEX Trades at 4-Week Low as Tech Weighs

The TAIEX, Taiwan’s benchmark stock index, fell 654 points, or 1.4%, to 46,457 around midday on Monday, reversing gains from the previous session and hitting its lowest level since September 17. The downturn mirrored losses across other Asian markets, after a weak Wall Street session driven by a tech sell-off and concerns over AI-related investment.

Selling pressure was broad-based, with most sectors in negative territory. Electronic technology stocks declined 1.8%, giving back their modest 0.2% gain from Friday. TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total value, extended its slide, losing 1.0% after a 0.2% fall in the prior session. MediaTek dropped 1.9%, Delta Electronics slipped 0.9%, and Hon Hai Precision retreated 2.1%.

The losses were partially offset by supportive macro factors, including moderating oil prices, easing expectations of further U.S. Federal Reserve rate hikes, and stronger-than-expected Chinese economic data, with Q3 GDP growth beating market forecasts and helping to cap the index’s overall decline.