Taipei:Shares in Taiwan reached a new high on Wednesday, despite a drop in turnover as some investors remained cautious ahead of the long Mid-Autumn Festival weekend.According to Focus Taiwan, the Taiex, Taiwan Stock Exchange's benchmark index, rose by 357.12 points, or 0.75 percent, ending at 48,157.29. The trading range was between 47,894.77 and 48,341.56, with turnover decreasing to NT$855.95 billion (US$27.01 billion) from NT$1.068 trillion on Tuesday.The movement of the local main board was influenced by the U.S. markets, particularly the Nasdaq index, which saw gains due to AI-related stocks. Cathay Futures Consultant analyst Tsai Ming-han noted the strong global demand for AI applications, bolstering tech stocks, while non-tech sectors faced pressure. Export orders data released Tuesday indicated an over 70 percent year-on-year increase in August.Despite the positive tech sector performance, some investors hesitated to chase prices before the long weekend, concerned about potential negative devel opments overseas that could affect markets during the holiday, resulting in lower turnover.Taiwan Semiconductor Manufacturing Co. (TSMC), a major player in the market, rose 1.63 percent to close at NT$2,500.00, significantly contributing to the Taiex's rise. Nanya Technology Corp. gained 3.62 percent following a rise in U.S.-based Micron Technology Inc., and MediaTek closed up 0.10 percent.In the tech sector, Hon Hai Precision Industry Co. climbed 1.19 percent, while Delta Electronics Inc. remained unchanged. Printed circuit board producers saw gains, with Gold Circuit Electronics Ltd. soaring 10 percent, the maximum daily increase.In the old economy sector, the cement industry outperformed, led by TCC Group Holdings Co., which announced plans to acquire cement assets in Ukraine. TCC Group rose 4.48 percent, boosting the cement index, while Asia Cement Corp. also saw gains. However, paper product suppliers Baolong International Co. and YFY Inc. experienced declines.The financial sector underperformed, with Fubon Financial Holding Co. and Cathay Financial Holding Co. posting losses, although KGI Financial Holding Co. saw a slight increase. Tsai noted that the Taiex faced technical resistance but the long-term uptrend driven by AI remains intact.Foreign institutional investors were net buyers, purchasing NT$37.31 billion of shares on the main board, according to the Taiwan Stock Exchange.