Taiwan’s Taiex index sets intraday record — CNBC
Taiwan’s Taiex stock index rose to a record intraday level of 48,601.53 points on Tuesday amid higher valuations of technology companies. This followed an AI-related rally on Wall Street and investor optimism over early signs of success for Meta’s AI agent.
Rise in technology stocks
Shares of Taiwanese chipmaker TSMC gained 0.40%. MediaTek shares rose by 7.88%, while Delta Electronics advanced by 2.67%.
These three companies have the largest market capitalization in the Taiex index. The index set its new intraday high about three months after the previous record, which was recorded in June.
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Since the start of the year, Taiwanese stocks have generally shown strong growth due to the artificial intelligence boom and Taiwan’s role in global supply chains for semiconductors and equipment.
Semiconductor share
According to a Standard Chartered estimate cited in July, the technology sector accounts for about 88% of Taiwan’s benchmark market index, with the semiconductor industry making up most of this sector. The bank also noted that Taiwan produces more than 90% of the world’s most advanced chips measuring 7 nanometers and below.
According to HSBC data from May, Taiwan overtook Canada to become the world’s sixth-largest stock market by market capitalization. Market participants were also watching Taiwan’s August export orders data: UOB said the market expected the indicator to increase by 63.0% year-on-year after 61.9% in July, which would point to sustained AI-related demand. This was reported by CNBC Top News.
