18.06.202603:46:35UTC+00TAIEX Nears Record High, Up 1.2%

The TAIEX, Taiwan’s benchmark stock index, rose 530 points, or 1.2%, to 46,411 in Thursday morning trading, extending its winning streak to a fifth consecutive session. Gains were led primarily by electronic technology, financial, and technology services stocks.

The index approached its record high of 46,459, set on June 3 when it first broke above the 46,000 mark, as continued optimism over AI-related demand supported market sentiment. Risk appetite was further bolstered by reports that the US and Iran had digitally signed an interim peace agreement, which pushed oil prices lower and helped ease concerns over inflationary pressures.

However, upside momentum was limited by a weak session on Wall Street, after the Federal Reserve left interest rates unchanged but signaled the possibility of further rate hikes later this year.

Electronic technology stocks advanced 1.2%. 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, gained 1.1%. Delta Electronics and ASE Technology also moved higher, adding 0.9% and 2.9%, respectively.