Movement Alert|iShares MSCI Taiwan ETF Falls 5.4% in Pre-Market Trading, TSMC Post-Earnings Profit-Taking Drags Taiwan Weighted Constituents

Market Focus07-17

On July 17, iShares MSCI Taiwan ETF (EWT) fell 5.4% in pre-market trading, trading at $94.7/share, with turnover of $273,000.

On the news front, TSMC reported Q2 results with net revenue of $40.2 billion and EPS of $4.31, both exceeding market expectations. The company also raised its full-year revenue growth guidance to slightly above 40% and lifted capital expenditure projections to $60-64 billion. Despite the strong beat-and-raise quarter, TSMC shares fell over 5% in a classic buy-the-expectation, sell-the-fact reaction as investors locked in profits following a substantial prior rally. As the largest constituent of the MSCI Taiwan Index, TSMC's pullback directly weighed on EWT.

The fund generally invests at least 80% of its assets in component securities of its underlying index. The MSCI Taiwan Index is a free float-adjusted market capitalization-weighted index designed to measure performance of the large- and mid-cap equity market in Taiwan.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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