Taipei:Shares in Taiwan closed at a new high on Friday, driven by the electronics sector following an overnight rally in U.S. tech stocks. However, gains were limited due to caution ahead of the U.S. September nonfarm payroll data release later in the day.
According to Focus Taiwan, the Taiex, Taiwan Stock Exchange's benchmark index, rose by 122.25 points, or 0.25 percent, finishing at 48,475.74. The index fluctuated between 48,205.81 and 48,491.62 throughout the session, with a total turnover of NT$898.17 billion (US$28.07 billion).
The rise was largely attributed to the semiconductor sector, which gained momentum following dovish comments from Federal Reserve Vice Chair Philip Jefferson, suggesting the possibility of a pause in rate hikes after September. While Taiwan Semiconductor Manufacturing Company (TSMC) remained stable at NT$2,500.00, smaller semiconductor stocks, particularly those on the over-the-counter market, saw increased interest due to the ongoing AI boom.
The semiconductor subindex on the Taiex increased by 0.22 percent, with notable performances from memory chip suppliers such as Nanya Technology Corp., which rose 1.35 percent to NT$526.00, and Macronix International Co., which gained 0.83 percent to NT$122.00. In the OTC market, GlobalWafers Co. soared by the maximum daily increase of 10 percent to NT$1,190.00, and Vanguard International Semiconductor Corp. ended up 1.36 percent at NT$187.00.
Elsewhere on the main board, Unimicron Technology Corp. and Yageo Corp. experienced significant gains, rising 7.41 percent and 3.99 percent, respectively. Petrochemical stocks outperformed amid a surge in international crude oil prices, with Formosa Petrochemical Corp. up 6.16 percent to NT$100.00, and Formosa Chemicals and Fibre Corp. climbing 5.91 percent to NT$71.70.
The financial sector experienced a slight decline, with Fubon Financial Holding Co. remaining steady at NT$150.50 and Cathay Financial Holding Co. rising 0.90 percent to NT$111.50. Foreign institutional investors were net buyers, purchasing NT$2.62 billion worth of shares on the main board.