By Lisa Wang / Staff reporterHon Hai Precision Industry Co （鴻海精密） yesterday added two new electric vehicle （EV） prototypes to its fleet, paving the way for the commercial production of the Model V and Model B in the US and Thailand in 2024.
The TAIEX yesterday closed below 16,000 points after eroding earlier gains, as many investors rushed to sell following an initial upturn, dealers said.
While the US Federal Reserve’s decision to increase its benchmark interest rate temporarily removed uncertainty from the markets, investors shifted their attention to the economy amid fears that rising rates would hurt market fundamentals, they said.
The TAIEX closed down 160.64 points, or 1 percent, at 15,838.61. Turnover totaled NT$272.345 billion (US$9.16 billion), with foreign institutional investors buying a net NT$647.96 million of shares on the main board, Taiwan Stock Exchange data showed.
Led by contract chipmaker Taiwan Semiconductor Manufacturing
Taiwanese shares yesterday came under heavy pressure after the US consumer price index (CPI) rose more than expected last month, sending US stock markets plunging on Friday, dealers said.
The bellwether electronics sector led yesterday’s downturn, but old economy and financial stocks were also sold throughout the session, putting pressure on the broader market, they said.
The TAIEX closed down 389.14 points, or 2.36 percent, at 16,070.98. Turnover totaled NT$229.258 billion (US$7.71 billion), with foreign institutional investors selling a net NT$48.03 billion of shares, Taiwan Stock Exchange data showed.
In the US, the CPI last month jumped 8.6 percent year-on-year, the biggest increase