May 18, 2021
A Taiwan country-specific exchange traded fund surged Tuesday, with Taiwanese equities enjoying their best day since March last year, as a rebound in technology stocks helped lift the island country’s market.
Among the top performing non-leveraged ETFs of Tuesday, the
iShares MSCI Taiwan ETF (EWT) increased 5.5%, paring back some of its recent losses. EWT had declined 9.8% over the past week.
The iShares MSCI Taiwan ETF includes a hefty 58.8% tilt toward the technology sector, with a large 19.6% position in Taiwan Semiconductor Manufacturing.
Taiwanese markets bounced back after retreating Monday in response to the government’s decision to enact shutdown measures to restrict its worst outbreak of the Covid-19 pandemic. Taiwan’s Taiex benchmark has pulled back nearly 10% since the end of April after a surge in untraceable Covid-19 cases fueled concerns over the strength of the island’s economic recovery, Bloomberg reports.