11.08.202602:34:15UTC+00TAIEX Retreats from 4-Week High

The TAIEX, Taiwan’s benchmark stock index, fell 233 points, or 0.5%, to 44,695 in Tuesday morning trade, erasing the gains from the previous session. The decline tracked overnight weakness on Wall Street, as rising oil prices fueled uncertainty over the Federal Reserve’s policy decision at its upcoming meeting.

The broader market pulled back from its highest level since July 16, reached a day earlier, with losses concentrated in electronic technology, financials, process industries, and technology services. Investors also remained cautious ahead of US inflation data due later this week, seeking further signals on the Fed’s next move.

Electronic technology stocks fell 0.6%, giving back a 2.1% advance from the previous session. MediaTek dropped 0.9%, while Delta Electronics and Hon Hai Precision lost 0.3% and 1.1%, respectively. In contrast, TSMC, the world’s largest contract chipmaker and a heavyweight accounting for more than 40% of the market’s total capitalization, inched up 0.2%, extending a 0.4% rise on Monday.