Stock Track | United Microelectronics Plunges 5.05% as Profit-Taking Hits After Company Doesn't Confirm Intel Collaboration Rumors

Stock Track13:55

United Microelectronics (UMC) shares fell 5.05% during the overnight session, marking a significant reversal from recent gains.

The decline is attributed to profit-taking activity after the company declined to confirm market rumors regarding a potential collaboration with Intel. UMC had surged over 10% in the prior session on reports of a joint development deal, but the company's statement that it does not comment on speculative reports cast doubt on the partnership's certainty, prompting investors to lock in profits.

The selling pressure was compounded by broader weakness in the semiconductor sector, with several major chipmakers also trading lower during the session.

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