FX.co ★ TAIEX Ends at Over 2-Month Low on Tech Weakness

The TAIEX, Taiwan’s benchmark stock index, dropped 292 points, or 0.7%, to close at 44,920 on Monday, extending its decline for a third consecutive session. The retreat mirrored losses on Wall Street on Friday, driven by a sell-off in major technology stocks. The index touched its lowest level since August 24, pressured primarily by weakness in electronic technology and financial shares.

Sentiment was further dampened by the latest data from China. An official government survey showed that factory activity on the mainland unexpectedly contracted in October, while a separate private survey indicated that manufacturing growth had eased slightly.

Electronic technology stocks fell 0.8%. TSMC, the world’s largest contract chipmaker and a heavyweight that accounts for more than 40% of the market’s total value, lost 1.7%. United Microelectronics slid 1.4%, and Asia Vital Components declined 1.1%.

Nonetheless, easing oil prices helped limit broader market losses, as moderating inflation concerns provided some support.