Taiwan’s Stock Market Sees Wild Ride: 347-Point Fluctuation Sends Shockwaves Through Securities
2024/9/10 13:47
(Updated at 9/10 18:53)
Taiwan Stocks Fluctuate and Fall
(Central News Agency Reporter Zhang Jianzhong, Taipei, 10th) Taiwan stocks fluctuated 347.43 points today, with the highest at 21,324.43 points and the lowest at 20,977 points. The index fell to 21,080.64 points. Stocks of most Apple concepts weakened, and stocks of traditional industries generally fell as well, which closed the market lower.
Taiwan’s weighted index of stocks closed at 21,064.08 points today, down 80.36 points or 0.38%, with a transaction value of NT$328.712 billion.
Apple launched a number of new products such as the iPhone 16 series of mobile phones, Apple Watch Series 10, and AirPods 4, but the Apple concept failed to stimulate the performance of stocks. Hon Hai fell 3 yuan, Pegatron fell 1.2 yuan. Lens maker Largan Guang fell 80 yuan, and Yujingguang fell 18.5 yuan.
Apple processor foundry TSMC performed relatively strongly, rising 5 yuan to 904 yuan, reaching 23.44 trillion yuan in market value, contributing about 40 points to the market. AI artificial intelligence groups such as Quanta and Yingbang fell one after the other, and the overall electronics stock index fluctuated and fell 0.33%.
In terms of industrial stocks, the plastics, steel, and tourism stock index fell more than 1%, and the construction, electromechanical, and cable stock index fell more than 2%. The food stocks index rose more than 2%, showing a relatively strong performance.
Huang Guoyi, deputy general manager of Mega International Investment Consulting, said US inflation is under control, and future economic prospects are the focus of the market as the US Federal Reserve’s (Fed) interest rate decision will attract a lot of attention.
Market Analysis
The market is closely watching the US Federal Reserve’s interest rate decision, which will have a significant impact on the global economy. The recent fluctuations in Taiwan’s stock market are a reflection of the uncertainty in the global economic outlook.
Despite the decline in the Apple concept stocks, TSMC’s strong performance is a positive sign for the market. The company’s market value has reached 23.44 trillion yuan, contributing about 40 points to the market.
The food stocks index rose more than 2%, showing a relatively strong performance. This is a positive sign for the market, as it indicates that investors are looking for safe-haven assets in times of uncertainty.