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Indices

TAIEX Ends at Over 6-Month Low, Posts 4th Weekly Loss

The TAIEX, Taiwan’s benchmark stock index, plunged 1,873 points, or 4.5%, to 39,702 on Friday, touching its lowest level since April 30 and tracking declines on Wall Street overnight due to a plunge in AI-related stocks amid worries about the implications of the Democrats’ sweeping victory on Tuesday. Almost all subsectors traded in the red, led by electronic technology and producer manufacturing. The broader index extended losses for a seventh consecutive session, with TSMC, the world’s largest contract chipmaker and accounting for more than 40% of the market’s total value, slumping 4.7%. Other heavyweight tech stocks also fell, including MediaTek (-2.0%), Hon Hai Precision (-4.5%), and Delta Electronics (-6.6%). Rising oil prices also pressured sentiment as inflation and interest-rate-hike concerns grew amid renewed risks of a US-Iran conflict. For the week, the index plunged 12.2%, marking its fourth straight weekly loss amid a tech selloff.

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