27.08.202603:31:54UTC+00TAIEX Rises to Over 7-Week High on Tech Gains

The TAIEX, Taiwan’s benchmark stock index, climbed 410 points, or 0.9%, to 46,242 in Thursday morning trading, extending gains for a third consecutive session. The advance was led primarily by electronic technology, process industry, and technology services stocks.

The broader index hit its highest level since July 6, with electronic technology and technology services shares up 1.0% and 1.2%, respectively, following strength in US stock futures. That move in US markets was underpinned by a rally in Nvidia, after the company projected a 70% increase in revenue for the next fiscal year.

TSMC, the world’s largest contract chipmaker and a heavyweight that accounts for more than 40% of the local market’s total capitalization, added 0.6%. Among other major tech names, MediaTek gained 1.3%, Delta Electronics advanced 2.0%, and Nanya Technology, a leading Taiwanese memory chip producer, rose 2.7%.

On the macroeconomic front, Taiwan’s consumer confidence improved in August. However, trading sentiment remained cautious as investors awaited remarks from FOMC officials at the Jackson Hole Symposium for clues on the Federal Reserve’s likely monetary policy stance at its upcoming meeting.