The News
Taiwanese tech stocks dipped Monday after US President Joe Biden announced he was ending his reelection campaign. In the latest sign of the impact of American political shake ups on Asia’s chip market, the benchmark Taiwan index fell 2.68%, dragged down by the stock values of key chip manufacturers like Taiwan Semiconductor Manufacturing Co (TSMC), ASE Technology Holding, and United Microelectronics Corp, which all dipped more than 3%.
Investors are concerned about how geopolitical uncertainties could accelerate in the aftermath of Biden dropping out, one analyst told Nikkei; US-listed shares of TSMC also fell 8% last week after Republican presidential nominee Donald Trump said Taiwan should pay the US for its defense.