Taiwan Stock Exchange Index Rebounds 0.45% Today As AMAX Hits Record High After Sharp Market Sell-Off

Taiwan’s benchmark Taiwan Weighted index rose 0.45% at Friday’s close, led by gains in the Taiwan Oil Gas and Electricity, Taiwan Glass and Taiwan Cement/Glass sectors. The rebound offered some relief to investors tracking the Taiwan share market after Thursday’s sharp sell-off.

AMAX Holding climbed 9.99% to a record high of 451.50, while advancing stocks outnumbered decliners by 700 to 298 on the Taiwan Stock Exchange.

The recovery of the Taiwan stock exchange index followed a sharp sell-off in the previous session, when hotter-than-expected US inflation data and pressure on technology shares dragged the index down 3.41% to a four-week low.

Which Stocks Led The Taiwan Index Higher At Friday’s Close?

VIA Labs was the top gainer on the Taiwan Weighted index, rising 10% or 10 points to close at 110.00. AMAX Holding added 9.99% or 41 points to 451.50, while FIC Global gained 9.98% or 6 points to finish at 66.10.

AMAX shares reached an all-time high during the session. Overall, 700 stocks advanced, 298 declined and 117 ended unchanged on the Taiwan Stock Exchange.

The recovery followed Thursday’s steep fall, when the Taiwan Capitalization Weighted Stock Index, or TAIEX, shed 1,655.96 points, down 3.41%, to close at 46,969.87. Turnover reached NT$1.319 trillion, according to Taiwan Stock Exchange data.

The earlier sell-off came after US consumer prices rose 3.7% year-on-year, above the 3.6% forecast cited in the supplied report. The data renewed concerns about interest rates and added to pressure on technology stocks.

Semiconductor shares had also extended their decline on Wall Street, while South Korea’s KOSPI fell 7.57% and Japan’s Nikkei 225 dropped 4.9% in the previous session.

Which Stocks Fell, And How Did Commodities Trade?

Central Reinsurance was the biggest loser on Friday, falling 7.80%, or 4.15 points to 49.05. Formosan Union Chemical declined 6.63%, or 3.90 points to 54.90, while TA-I Technology lost 6.34%, or 9 points to close at 133.00.

In commodities, crude oil futures for November delivery fell 0.86% to $97.13 a barrel. Brent crude for December delivery declined 0.85% to $105.02 a barrel. December gold futures moved in the opposite direction, rising 0.62% to $4,195.87 per troy ounce.

The US dollar rose 0.30% against the Taiwan dollar, with USD/TWD at 32.46.

What Triggered The Previous Sell-Off In Taiwan’s Market?

Foreign investors led Thursday’s sell-off, recording net sales of NT$302.56 billion, while proprietary dealers sold a net NT$95.82 billion, largely through hedging transactions. Investment trusts were the only net buyers, purchasing NT$28.3 billion of shares, according to Taiwan Stock Exchange data.

Despite the heavy selling, domestic investors directed substantial funds into exchange-traded funds. The Yuanta Taiwan 50 ETF recorded a single-day net subscription of NT$37.8 billion, while the Yuanta Taiwan 50 Daily Leveraged 2X ETF attracted NT$11.9 billion, its largest daily inflow in six months.

Technology shares were at the centre of the earlier decline, with Taiwan Semiconductor Manufacturing Co, MediaTek, Nanya Technology and Delta Electronics among the companies under pressure. The report also cited concerns about the sustainability of artificial intelligence spending and rising financing costs.

The US Federal Reserve was scheduled to review monetary policy on 27 and 28 October, keeping interest-rate expectations in focus after the inflation data.

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