FX.co ★ TAIEX Tracks Wall Street Higher, Nears 6-Week High

The TAIEX, Taiwan’s benchmark stock index, rose 201 points, or 0.4%, to 46,222, marking a fifth consecutive session of gains. The advance followed an overnight rally on Wall Street, as expectations strengthened that the Federal Reserve will raise interest rates at its September meeting amid signs of easing inflation.

The broader index held at its highest level since July 6, supported primarily by strength in technology services, process industries, and producer manufacturing. Electronic technology stocks also extended their gains, though they inched up only 0.1%.

Among major names, MediaTek and Delta Electronics each climbed 1.1%, while Hon Hai Precision Industry added 0.2%. Nanya Technology, a leading Taiwanese memory chip maker, advanced 1.8%. By contrast, TSMC, the world’s largest contract chipmaker and the market’s heaviest-weighted stock with more than 40% of total market capitalization, slipped 0.2%. Yageo Corporation, a global leader in electronic passive components, dropped 3.2%.

Trading sentiment remained cautious overall, with investors staying on the sidelines ahead of China’s interest rate decision scheduled for next week.