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TAIEX Nears 3-Month High on Tech Boost

The TAIEX, Taiwan’s benchmark stock index, advanced 863 points, or 1.9%, to 47,414 in Monday morning deals, extending gains from the previous session and moving near its record high reached on June 22, lifted by optimism over memory chip demand linked to a new model from OpenAI. The broader index rose, mainly buoyed by gains in electronic technology, which advanced 2.4%. TSMC, the world’s largest contract chipmaker, accounting for more than 40% of the market’s total value, climbed 1.5%. MediaTek continued to rise, jumping 9.7%, after Nvidia subscribed last week to USD 3.5 billion of its exchangeable bonds as part of MediaTek’s record USD 3.9 billion overseas convertible bond offering. Meanwhile, Delta Electronics gained 1.9%, while ASE Technology Holding surged 5.3%. Traders also anticipated the release of Taiwan’s August trade data later this week, amid optimism over AI infrastructure demand.

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