Taiwan Stocks Plunge Over 500 Points at Open on Rising Middle East Tensions

(Central News Agency reporter Zeng Renkai, Taipei, June 4) Escalating tensions in the Middle East, a rebound in oil prices, and a retreat in US stocks from recent highs led Taiwan's stock market to open lower on Thursday, after closing at record highs for four consecutive trading sessions. The market fell over 500 points in early trading, testing the 46,000-point level. As of 9:05 a.m., the Taiex, the benchmark weighted index, fell 467.21 points to 45,991.95 points. The over-the-counter index, representing small and mid-cap stocks, also opened lower. Among the four major weighted stocks, TSMC fell by as much as NT$40 to NT$2,385; MediaTek rose by as much as NT$140 to NT$4,685; Delta Electronics fell by as much as NT$50 to NT$2,405; and Hon Hai Precision Industry fell by as much as NT$8.5 to NT$300.5. Analysts said the trends on display at this week's COMPUTEX Taipei trade show indicate that AI is moving from a technology race centered on cloud computing to a new phase of comprehensive real-world application, embedding itself into daily industrial operations and forming a cross-industry, cross-market 'tangible tech dividend.' They remain bullish on the long-term outlook for the Taiwan stock market. (Editor: Lin Jiaxian) 1150604