Taiwan stocks erase early gains as tech giants falter; index closes up 142 points

Taiwan's stock market experienced a volatile trading day, initially soaring on the back of impressive earnings from Nvidia. The positive sentiment spread across Asian markets, with South Korea's KOSPI and Japan's Nikkei seeing significant jumps. The Taiex opened higher, boosted by leading technology firms such as TSMC, UMC, and MediaTek, alongside gains in the financial and traditional sectors.

By midday, the index had climbed substantially, reaching 46,401 points. However, the momentum could not be sustained. Selling pressure emerged in the afternoon, causing major technology stocks, including MediaTek and UMC, to shed their earlier gains. These "thousand-dollar stocks" (stocks priced over NT$1,000) experienced a significant reversal, pulling the broader market down from its peak.

Despite the late-session decline in some of its most prominent tech companies, the Taiex managed to close with a gain of 142.6 points, settling at 45,975.22 points. The day's trading volume was substantial, reaching NT$924.6 billion, indicating significant market activity.

The top 10 stocks by trading value showed a mixed performance. Nanya Technology saw a notable increase, while TSMC experienced a slight dip. Other significant movers included Nan Ya Plastics, which hit its upper limit, and companies like Kinsus, Unimicron, and Macronix, which also saw price increases. Conversely, some semiconductor-related stocks and electronic component manufacturers experienced declines by the end of the trading day.