12.08.202604:10:43UTC+00TAIEX Stays Near 4-Week High on Tech Sector Boost

The TAIEX, Taiwan’s benchmark stock index, rose 343 points, or 0.8%, to 45,464 around midday on Wednesday, advancing for a third straight session, led largely by gains in electronic technology and producer manufacturing shares. The index hovered near its highest level since July 16 as traders continued to ride the tech-sector rally.

Electronic technology stocks climbed 1.0%. TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization, added 0.4% following a 0.6% rise in the previous session. Delta Electronics gained 0.6%, while Hon Hai Precision Industry jumped 2.5%. Yageo Corp., the world’s third-largest multilayer ceramic capacitor (MLCC) producer, edged up 0.3%.

Gains were capped, however, by overnight weakness on Wall Street. A rise in oil prices has intensified uncertainty over the Federal Reserve’s policy stance ahead of its upcoming meeting, while investors remained cautious pending the release of US inflation data later in the day.