FX.co ★ TAIEX Nears 2-Month High on Tech Sector Boost

The TAIEX, Taiwan’s benchmark stock index, climbed 373 points, or 0.8%, to 46,349 in Friday morning trading, extending its gains to a fourth consecutive session. The advance tracked an overnight rally on Wall Street, driven largely by technology shares after strong earnings from Nvidia. The broader index reached its highest level since July 6, bolstered primarily by electronic technology, finance, technology services, and health technology stocks.

Electronic technology shares continued to strengthen, rising 0.7% in tandem with Thursday’s gains in the U.S. tech sector. TSMC, the world’s largest contract chipmaker and a heavyweight that represents more than 40% of the market’s total capitalization, added 0.6%. MediaTek advanced 1.9%, while Delta Electronics rose 2.2%. Nanya Technology, a leading Taiwanese memory chip maker, edged up 0.2%.

Investors, however, remained cautious ahead of a speech by Fed Chair Kevin Warsh at the Jackson Hole Symposium later today, seeking clues on the Federal Reserve’s likely course for monetary policy at its upcoming meeting.