13.08.202603:33:16UTC+00TAIEX Hits Over 5-Week High as Tech Leads

The TAIEX, Taiwan’s benchmark stock index, gained 471 points, or 1.0%, to 45,989 in Thursday morning trade, marking its fourth consecutive advance. The broader market reached its highest level since July 6, driven primarily by sustained strength in the technology sector as traders sought to extend the sector’s upward momentum.

Electronic technology stocks climbed 1.2%, after a 1.1% rise on Wednesday. Taiwan Semiconductor Manufacturing Company (TSMC) — the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization — advanced 0.8%. Hon Hai Precision Industry jumped 2.7%, while Unimicron added 0.8%.

Foxconn Technology, the world’s largest contract electronics manufacturer, rose 0.5% after reporting a 35% year-on-year increase in second-quarter profit, beating analyst expectations, supported by persistently strong demand for AI-related products.

Sentiment was further buoyed by an upbeat session on Wall Street overnight, as easing inflation tempered expectations of an interest rate hike by the Federal Reserve at its upcoming policy meeting.