FX.co ★ TAIEX Sinks to 3-Month Low as Tech Stocks Slide

The TAIEX, Taiwan’s benchmark stock index, fell 1,199 points, or 2.7%, to 43,712 around midday on Tuesday, extending its losing streak to a fourth consecutive session. The decline tracked an overnight sell-off on Wall Street, driven by continued weakness in technology shares. The index slipped to its lowest level since August 4, with nearly all sectors trading in negative territory. Electronic technology stocks led the downturn, dropping 3.3%. TSMC — the world’s largest contract chipmaker and accounting for more than 40% of the market’s total capitalization — edged down 0.6%. MediaTek, Delta Electronics, and Hon Hai Precision fell 3.7%, 2.2%, and 1.2%, respectively. Financial stocks lost 2.6%, pressured in particular by Fubon Financial’s 1.3% decline. Losses were partly contained by easing oil prices, which helped temper inflation worries and expectations of further interest rate hikes.