TAIEX slips 0.46% after late TSMC selloff wipes out early rally

Taiwan's TAIEX closed down 210.47 points, or 0.46%, at 45,811.01 after reversing an early jump of more than 300 points that was driven by cooling U.S. inflation and a broad Wall Street rally. Turnover reached NT$1.06 trillion, or about $33.3 billion, for a second straight session above the trillion-dollar mark, but late selling in TSMC dragged the benchmark back below 46,000; the stock fell NT$40, or 1.64%, to NT$2,395 after a large closing sell order pushed it under both the NT$2,400 round number and its 5-day moving average near NT$2,410. Other electronics heavyweights including MediaTek, Hon Hai, ASE Technology, United Microelectronics and Largan Precision also declined, while petrochemical names, electronic materials, some contract manufacturers, financials and parts of the memory segment outperformed. Despite the daily retreat and market breadth favoring decliners, the index still gained 1,585.1 points, or about 3.6%, for the week, with analysts saying liquidity and buying appetite remain solid if TSMC stabilizes and turnover holds above NT$1 trillion.

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