26.05.202602:52:15UTC+00Taiwan Shares Retreat from Record High on Profit Taking

The TAIEX, Taiwan’s benchmark stock index, fell 68 points, or 0.2%, to 43,577 in Tuesday morning trading, wiping out gains from the previous three sessions as investors locked in profits after the gauge hit a record high on Monday. The pullback was led by electronic technology shares, which slipped 0.2%. Taiwan Semiconductor Manufacturing Company (TSMC) — which represents more than 40% of the market’s total capitalization — declined 0.9%, reversing part of Monday’s 2.4% rise. Hon Hai Precision Industry and ASE Technology also retreated, down 0.4% and 1.6%, respectively.

Higher oil prices added further pressure after fresh US military strikes in Iran cast doubt on prospects for a US–Iran agreement to reopen the Strait of Hormuz. On Monday, the broader index had closed at 43,644, logging the fifth-largest single-session point gain on record, supported by strong performance from TSMC, the world’s largest contract chipmaker. Boosted by TSMC’s rally, Taiwan’s equity market value has now surpassed India’s, making it the fifth-largest stock market globally, according to Bloomberg.