Fubon Taiwan Semiconductor (03076.HK) Down 6.17% as Taiex Posts Record Intraday Point Drop

NewTimeSpace News: As of 11:19 on November 6, Fubon Taiwan Semiconductor (03076.HK) fell 6.17% to a latest price of HK$14.590. The ETF has so far traded 104,600 units today, with turnover of HK$1.4814 million and an average price of HK$14.163; its turnover rate is 1.803%. It has fallen 17.94% week to date. The net asset value per unit is HK$15.4387, and assets under management stand at HK$89.56 million (about US$11.41 million). (Note: NAV and AUM are as of November 5; the week-to-date change is based on the October 30 close of HK$17.780.)

Taiwan's weighted index opened at 38,915.76 on November 6, down 2,658.96 points or 6.40%, immediately losing both the 40,000 level and its annual line. It fell as much as 3,737.67 points (−8.99%) to an intraday low of 37,837.05 at 9:04, surpassing the 2,953.71-point drop of July 17 to set the largest intraday point decline on record. TSMC opened at its limit-down price of NT$2,020, down NT$220 or 9.82%, wiping about NT$5.7 trillion off its market value in a single session; MediaTek hit limit-down at NT$3,115, Delta Electronics at NT$1,020 and ASE Technology Holding at NT$515, while Hon Hai fell more than 9%, and more than 1,600 listed and OTC stocks closed limit-down. TSMC then rebounded on heavy bargain-hunting volume to around NT$2,130, helping the index recover more than half its losses to 39,731.55, down 4.43%, by 11:20. The Taiex has now fallen for six straight sessions, losing 5,460.86 points in total; margin financing fell NT$20.5 billion the previous day and the three major institutional investors sold a net NT$123.456 billion. The trigger was Wall Street's rout on November 5, when the Nasdaq fell 5.52% and the Philadelphia Semiconductor Index 12.25% on fears that a landslide Democratic midterm win will tighten regulation of AI and data centres.

Fubon Taiwan Semiconductor (03076.HK) tracks the NYSE FactSet Taiwan Core Semiconductor Index (Net Total Return). Its constituents are core semiconductor companies listed on the Taiwan Stock Exchange and the Taipei Exchange, spanning foundry, IC design, packaging and testing, memory, and semiconductor equipment, with a 10% weight cap applied to OTC constituents. The product is managed by Fubon Fund Management (Hong Kong) Limited, listed on the Hong Kong Stock Exchange on January 13, 2022, with a management fee of 0.06% per year.

Hong Yuan Securities believes the investment value of Taiwan technology shares is gradually emerging, but the final leg of the selloff and the pace of margin deleveraging still need to be watched; if margin balances in technology names fall sharply for several consecutive sessions, the signal of a bottom and rebound will become clearer, and cheap valuations themselves would then be the biggest positive.