TAIPEI (Taiwan News) — Taiwan's stock market closed lower Monday (Nov. 18) as the four major weighted stocks declined, with funds shifting towards traditional industries.
The Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) closed down 196.23 points at 22,546.54 points, defending the 22,529 quarterly line. Turnover totaled NT$348.65 billion (US$10.71 billion), per CNA.
Nvidia's earnings report, scheduled for Nov. 20, is highly anticipated by the market. Stocks tied to Nvidia, such as Lotes, Aaeon, and Nan Ya Printed Circuit Board, demonstrated resilience.
Traditional industries, such as petrochemicals, steel, and shipping, stabilized the market, analysts pointed out. As the US election fervor fades, the market is anticipated to regain rationality.
Declines of Taiwan's four major weighted stocks, Taiwan Semiconductor Manufacturing Co. (TSMC), Foxconn, MediaTek, and Quanta Computer, dragged down the overall index. Weighted stocks, heavy influencers of the market index, can be used to gauge the overall market trend and are also the most frequently discussed and analyzed stocks.
TSMC closed at NT$1,025, a decrease of NT$10. Foxconn, MediaTek, and Quanta Computer experienced declines of NT$4.5, NT$30, and NT$6.5, respectively, exceeding a 2% decrease.
Investors have reallocated funds towards sectors such as battery backup units (BBUs), Nvidia-related stocks, and traditional industries. Following market speculation that Nvidia's upcoming B200 servers will include BBUs, BBU stocks like RiTdisplay, Celxpert, and Synergy Scientech surged to their daily limit, closing at NT$53.4, NT$31.1, and NT$28.45, respectively.
Formosa Plastics Co. surged nearly 6%, while Nan Ya Plastics Co. gained over 4%. Formosa Chemicals & Fibre Co. and Formosa Petrochemical Corp. also saw increases of over 2%.