"While the tech sector largely moved lower today, investors appeared willing to shift their attention to select old economy stocks," Lu said. fell 1.08 percent and 1.02 percent, respectively, to end at NT$18.35 and NT$14.50. lost 2.73 percent to end at NT$124.50.Īlso in the electronics sector, iPhone assembler Hon Hai Precision Industry Co., also known as Foxconn internationally, stepped back from its recent strong upside, ending unchanged at NT$112.50, and flat panel makers AUO Corp. added 0.13 percent to close at NT$780.00, while IC packaging and testing services provider ASE Technology Holding Co. On Tuesday, Washington reported that the consumer price index (CPI) rose 4 percent in May as expected, marking the slowest annual rate since March 2021.Īmong other semiconductor stocks, shares in United Microelectronics Corp., a smaller contract chipmaker, rose 0.56 percent to end at NT$53.50, and smartphone IC designer MediaTek Inc. "While the market widely anticipates that the Fed will leave its key interest rates unchanged this time due to moderating inflation, investors are anxiously waiting for its comments for a better guess about its next move." "Today, many investors simply turned away from tech stocks before the Fed wraps up its policymaking meeting," Lu said. The chipmaker's downturn also led the electronics index and the semiconductor sub-index to fall by 0.08 percent and 0.40 percent, respectively. Without TSMC's weakness, the Taiex would have added about 25 points to its gains. TSMC, the most heavily weighted stock on the local market, fell 0.51 percent to close at NT$590.00 after its American depositary receipts lost 0.24 percent on U.S. (AMD) unveiled its new AI generative chip MI300X Tuesday and the market widely anticipates TSMC will benefit from more orders to roll out chips for AI use, boosting revenue from the chipmaker's high end processes and IC packaging and testing services. U.S.-based chip designer Advanced Micro Devices, Inc. "For TSMC, the stock has moved closer to the psychological level of NT$600.00 and it was not surprising that it fell today but the downward pressure was not intolerable at all on the back of high hopes about artificial intelligence development," Lu said. "With the Taiex breaching the 17,200 point mark yesterday, the main board faced its nearest technical resistance and needs some time to consolidate before another takeoff," Concord Capital Management analyst Lu Chin-wei said.
CYCLING EFFECTS WITH PEEK MATERIAL DRIVER
(TSMC), which served as a driver pushing up the Taiex to its highest level in 14 months on Tuesday.
The market opened down 0.15 percent on a mild technical correction from a 1.54 percent rally on Tuesday and continued to fluctuate in a narrow range in a tug of war between select old economy stocks and large cap semiconductor stocks, in particular contract chipmaker Taiwan Semiconductor Co. Turnover totaled NT$319.80 billion (US$10.41 billion). The Taiex, the weighted stock on the Taiwan Stock Exchange (TWSE), ended up 21.54 points, or 0.13 percent, at 17,238.14 after moving between 17,182.18 and 17,259.23. Federal Reserve and the central bank's comments on the economy due later in the day, dealers added. Many investors remain cautious for the moment ahead of the outcome of the on-going policymaking meeting of the U.S. Taipei, June 14 (CNA) Shares in Taiwan closed slightly higher Wednesday as the bellwether electronics sector became weak after solid gains in recent sessions, while certain old economy and financial stocks trended higher offsetting the impact of losses suffered by large cap semiconductor stocks, dealers said.
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