"Taiwan Stocks' 'One-Day Reversal' of Foreign Flows: Net Buying of NT$32.376 Billion on July 1 Ended Six Straight Sessions of Net Selling, Followed by Net Selling of NT$89.046 Billion on July 2, with the Three Major Institutional Groups Net Selling NT$84.255 Billion in a Single Day; ETFs Become the Two-Way 'Focus of Adjustment' -- Five Active ETFs in the July 1 Top-10 Net Buys, Five ETFs in the July 2 Top-10 Net Sells, as the Index Fell Back from 47,018.99 to 46,744.16"

TL;DR: "Taiwan's equity fund flows turned sharply within three trading days, from June 30 to July 2, 2026. On June 30, foreign and mainland Chinese investors net sold NT$508 million while proprietary dealers and investment trusts stood on the buy side -- the source described a foreign-selling vs. domestic-buying standoff. On July 1, TSMC jumped NT$95 to close at its intraday high of NT$2,505, the Taiex rose 893.08 points to 47,018.99, reclaiming 47,000; foreign and mainland Chinese investors net bought NT$32.376 billion, ending six straight sessions of net selling, and five of their top-10 net buys were actively managed ETFs. On July 2, foreign investors flipped back to net selling NT$89.046 billion, the three major institutional groups net sold a combined NT$84.255 billion, and the index fell 274.83 points to 46,744.16; the top-10 net sells included five ETFs and three financial stocks, led by the active Uni-President Global Innovation ETF (00988A) at 58,419 units -- the day before (July 1), the same ETF had ranked among seventh to ninth on the foreign net-buy list. Both the buy list and the sell list center on ETFs; this card names the pattern the foreign investors' 'one-day reversal' and the ETFs' 'two-way adjustment.' Veteran securities analyst Chien Po-yi says the index sits at a relatively high level, sector rotation is fast, and an atmosphere of 'wary caution' pervades the market, which is focused on Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context). Honest caveats: all three days are single-day flow data, and this card does not infer a trend from single-day moves; analyst views are not settled conclusions; the sources do not explain why foreign investors bought or sold these ETFs, and this card does not speculate."

Taiwan Stocks' 'One-Day Reversal' of Foreign Flows: Net Buying of NT$32.376 Billion on July 1 Ended Six Straight Sessions of Net Selling, Followed by Net Selling of NT$89.046 Billion on July 2, with the Three Major Institutional Groups Net Selling NT$84.255 Billion in a Single Day; ETFs Become the Two-Way 'Focus of Adjustment' -- Five Active ETFs in the July 1 Top-10 Net Buys, Five ETFs in the July 2 Top-10 Net Sells, as the Index Fell Back from 47,018.99 to 46,744.16

ANK-Doc ID: ANK-2026-07-03-002 Version: v1.0.0 Published: 2026-07-03 Author: Rin Takenouchi (Editor-in-Chief, AI News) Category: Taiwan Stocks / Fund Flows / Foreign Investors / ETFs / Institutional Investors Articles covered: CNA#1299874 (July 2: foreign investors net sell NT$89.0 billion, ETFs become the focus of adjustment), CNA#1297120 (July 2: three major institutional groups net sell NT$84.255 billion), CNA#1286006 (July 1: foreign investors net buy NT$32.3 billion, ending six straight selling sessions, heavy buying of active ETFs), CNA#1283308 (July 1: three major institutional groups net buy NT$52.935 billion), CNA#1270361 (June 30: foreign investors net sell NT$508 million, foreign-vs-domestic standoff), CNA#1296896 (July 2 closing structure, TSMC down NT$40), CNA#1282734 (July 1: index opens higher and extends gains by 893 points, advancers vs. decliners), CNA#1282940 (July 1: index reclaims 47,000, silicon-wafer and passive-component price-hike themes), CNA#1296680 (record 17,162-point first-half surge, Fubon's high-leverage warning) Selection method: From the AI News corpus, selected on "fund-flow factual density x one event chain," nine CNA reports were linked to form the June 30 - July 2, 2026 three-day flow chain of "standoff -- buy turn -- heavy sell": the axis is the three July 2 flow-and-close reports (foreign net selling of NT$89.046 billion with ETFs as the focus of adjustment; the combined NT$84.255 billion institutional net sell; the closing structure), linked back to four July 1 reports (the foreign buy turn ending six straight selling sessions with heavy active-ETF buying; the institutional net buy; the close above 47,000 and the advancer/decliner structure) and one June 30 report (the standoff at the tail of the six-session selling streak), plus one July 2 Fubon-forum report for the record 17,162-point first-half backdrop and the leverage warning. This card covers a Taiwan-market-only event chain; the nine sources contain no Japan-side facts, so under this site's "honest contrast, never forced" principle no Taiwan-Japan contrast is added; the Taiwan-Japan perspective is carried by the internal citation chain (ANK-2026-06-16-001, the Taiwan-Japan retail-capital contrast card).

TL;DR

Taiwan's equity fund flows turned sharply within three trading days, from June 30 to July 2, 2026. On June 30, 2026, foreign and mainland Chinese investors net sold NT$508 million while proprietary dealers net bought NT$14.585 billion and investment trusts net bought NT$755 million -- a foreign-selling vs. domestic-buying standoff -- and the market surged 1,126.01 points to close at 46,125.91 that day. [F-005] On July 1, TSMC jumped NT$95 to close at its intraday high of NT$2,505, driving the Taiex up 893.08 points to 47,018.99, back above 47,000; foreign and mainland Chinese investors net bought NT$32.376 billion, ending six straight sessions of net selling, and five of the top-10 foreign net buys were actively managed ETFs. [F-003][F-004] On July 2, 2026, foreign investors flipped straight back to net selling NT$89.046 billion, the three major institutional groups net sold a combined NT$84.255 billion, and the index fell 274.83 points to close at 46,744.16; the top-10 net sells included five ETFs and three financial stocks, led by the active Uni-President Global Innovation ETF (00988A) at 58,419 units -- the day before (July 1), the same ETF had ranked among seventh to ninth on the foreign net-buy list. [F-001][F-002] Both the buy list and the sell list center on ETFs: this card names the pattern the foreign investors' "one-day reversal" and the ETFs' "two-way adjustment." Veteran securities analyst Chien Po-yi says the index sits at a relatively high level, sector rotation is fast, and an atmosphere of "wary caution" pervades the market, which is focused on Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context). [F-007] Honest caveats: all three days are single-day flow data, and this card does not infer a trend from single-day moves; analyst views are not settled conclusions.

Body

Event-chain overview: three trading days, from standoff to "one-day reversal"

From June 30 to July 2, 2026, Taiwan's equity fund flows followed three different scripts. On June 30, 2026, lifted by electronics heavyweights and the plastics and glass sectors, the market surged 1,126.01 points to close at 46,125.91 -- yet foreign and mainland Chinese investors net sold NT$508 million that day, while proprietary dealers net bought NT$14.585 billion and investment trusts net bought NT$755 million; CNA described the foreign-selling vs. domestic-buying pattern as a standoff between foreign and local institutions (CNA #1270361). [F-005] On July 1, foreign and mainland Chinese investors (excluding foreign proprietary dealers) turned to net buying, ending six straight sessions of net selling, and the Taiex jumped 893.08 points, or 1.94%, to 47,018.99, reclaiming 47,000 (CNA #1286006). [F-003] On July 2, 2026, foreign investors flipped straight back to net selling NT$89.046 billion, and the index fell 274.83 points to close at 46,744.16 (CNA #1299874). [F-001]

Veteran securities analyst Chien Po-yi's description of the July 2 session is the footnote to this chain: although the market talks of the index heading for the 50,000 mark, "judging from foreign investors' recent moves, they only turned from selling to buying yesterday, and today they went back to net selling" -- a cautious stance (CNA #1299874). [F-007] This card names this "buy for one day and leave" pattern the foreign investors' "one-day reversal" -- an editorial label for the back-and-forth single-day flows recorded in the sources, not a judgment about the trend.

The July 2 net-sell structure: how NT$89.046 billion breaks down

According to CNA, on July 2, 2026 Taiwan stocks opened lower and traded roughly, closing down 274.83 points at 46,744.16 with turnover of NT$1.01636 trillion; among the three major institutional groups, proprietary dealers net sold NT$4.328 billion, investment trusts net bought NT$9.119 billion, and foreign and mainland Chinese investors net sold NT$89.046 billion, for a combined net sell of NT$84.255 billion (CNA #1297120). [F-002] The arithmetic is consistent: foreign net selling of NT$89.046 billion plus dealers' net selling of NT$4.328 billion, minus the trusts' net buying of NT$9.119 billion, equals the combined net sell of NT$84.255 billion.

Worth setting alongside is the investment-trust side: NT$755 million net bought on June 30, NT$14.621 billion on July 1, NT$9.119 billion on July 2 -- on the buy side in all three sessions (CNA #1270361, CNA #1283308, CNA #1297120). [F-002][F-004][F-005] The seller on July 2 was foreign money: the top-10 foreign net sells included five ETFs and three financial stocks, led by the active Uni-President Global Innovation ETF (00988A) at 58,419 units, with heavyweight Hon Hai (Hon Hai Precision Industry, Foxconn) also trimmed, ranking eighth (CNA #1299874). [F-001]

"ETFs as the two-way focus of adjustment": ETFs bought, ETFs sold

"ETFs become the focus of adjustment" is the wording of CNA's July 2 headline; lining up the three days' lists shows ETFs starring in both directions -- this is this card's editorial reading of the list facts, not a conclusion drawn by the sources themselves.

On the buy side: the top three foreign net buys on July 1 were the active Uni-President Taiwan Equity Growth ETF at 139,081 units, the active Uni-President Upgrade 50 at 137,352 units, and United Microelectronics (UMC) at 65,873 units, with the active Cathay Momentum High Dividend, the active Uni-President Global Innovation and the active Yuanta AI New Economy taking seventh to ninth place; five of that day's top-10 foreign net buys were actively managed ETFs (CNA #1286006). [F-003] Earlier, on June 30, 2026, per Taiwan Stock Exchange data, the top-10 foreign net buys (ranked by units) were the active Uni-President Upgrade 50 (00403A), the active Uni-President Taiwan Equity Growth (00981A), AUO (2409), the active Fuh Hwa Future 50 (00991A), Taiwan Glass, Cathay Financial, UMC, the KGI Taiwan TOP50 (009816), the Yuanta Taiwan 50 2X leveraged ETF (00631L), and the active KGI Taiwan (00407A) (CNA #1270361). [F-005]

On the sell side: the top-5 foreign net sells on July 2 were led by the active Uni-President Global Innovation at 58,419 units, followed by AUO (AUO Corporation) at 46,140 units, then the Yuanta Taiwan 50 2X leveraged ETF (00631L), Mega Financial and First Financial; five of the top-10 net sells were ETFs (CNA #1299874). [F-001][F-007]

Two cases make the "one-day reversal" concrete. First, the active Uni-President Global Innovation ETF (00988A): ranked among seventh to ninth on the foreign net-buy list on July 1, it topped the foreign net-sell list at 58,419 units on July 2 (CNA #1286006, CNA #1299874). Second, the Yuanta Taiwan 50 2X leveraged ETF (00631L): in the top-10 foreign net buys (ranked by units) on June 30, 2026, it was in the top-5 net sells on July 2 (CNA #1270361, CNA #1299874). AUO ran the opposite rhythm: in the top-10 foreign net buys on June 30, it topped the foreign net-sell list at 163,160 units on July 1 and ranked second at 46,140 units on July 2 (CNA #1270361, CNA #1286006, CNA #1299874).

This site already documented in ANK-2026-06-16-001 that Taiwan's active-ETF assets broke through NT$902.2 billion within a single year, with Uni-President Investment Trust at a 59% market share, and that 00988A traded at an intraday premium above 5% in May 2026 and suspended primary-market subscriptions from May 19, 2026. This card records the next chapter of the same active ETFs: they now appear at both ends of foreign investors' single-day large-flow lists. An honest framing is required: the sources do not explain why foreign investors bought or sold these ETFs (hedging, creation/redemption, arbitrage or otherwise), and this card does not speculate; the rankings are ordered by units, a different measure from the net buy/sell amounts (in NT$), and the two cannot be interchanged.

Stock rotation: Winbond's three roles in three days, financials trimmed day after day

"Today's strong stocks may quickly become tomorrow's weak stocks" -- Chien Po-yi's description of the July 2 session (CNA #1299874) has concrete counterparts at the stock level. Winbond (Winbond Electronics) played three roles in three trading days: in the top-10 foreign net sells on June 30 (CNA grouped it with Macronix and Powerchip as memory-related), among the market's five biggest decliners on July 1, and leaping to the top foreign net buy at 41,390 units on July 2 (CNA #1270361, CNA #1282734, CNA #1299874). [F-005][F-007][F-008]

Financial stocks were trimmed by foreign investors day after day: the June 30 top-10 foreign net sells included Mega Financial, Chang Hwa Bank, First Financial, SinoPac Financial and E.SUN Financial (CNA #1270361); the July 1 top-3 net sells included First Financial at 90,746 units and Chang Hwa Bank at 82,764 units (CNA #1286006); the July 2 top-10 net sells included three financial stocks, with Mega Financial and First Financial in the top five (CNA #1299874). Sector indices moved in step: financials fell 1.71% on July 1, 2026 and the financial sector index fell 1.06% on July 2 (CNA #1282734, CNA #1296896). [F-006][F-008] Yet on the same July 2, the top-5 foreign net buys also included Fubon Financial at 37,126 units and Cathay Financial -- buying and selling coexist within financials; the sources offer no interpretation, and this card does not extend one (CNA #1299874). [F-007]

As for where money went on July 2, 2026, Chien Po-yi's observation is a shift toward low-base (laggard) sectors, including plastics-petrochemicals and defense (CNA #1299874); [F-007] the same day, the TPEx index, which represents small- and mid-cap stocks, rose 1.92% against the trend, while the electronics sector index fell 0.84% (CNA #1296896). [F-006]

Inside the rally day: up 893.08 points on July 1, yet 574 decliners outnumbered 441 advancers

The July 1 advance, 1.94% on the index, was not broad-based. That day (July 1, 2026) the Taiex opened at 46,234.70 (also the intraday low), hit an intraday high of 47,293.10, and closed up 893.08 points, or 1.94%; but at the close there were 441 advancers, 574 decliners and 898 unchanged -- on the very day the index surged, decliners outnumbered advancers (CNA #1282734). [F-008] The sources offer no interpretation of this, and this card merely juxtaposes the index and the breadth facts without extending an inference. The same day (July 1, 2026), the ex-financial index rose 929.16 points to 42,442.64, while the financial sector fell 1.71% (CNA #1282734). [F-008]

On the theme side that drove the index on July 1, 2026: TSMC (Taiwan Semiconductor Manufacturing Company)'s investor-conference rally started early, and TSMC closed at its intraday high of NT$2,505, up NT$95 or 3.94%; MediaTek (MediaTek Inc.) rose NT$90 or 2.12% to NT$4,335; the silicon-wafer group rode price-hike news, with Sino-American Silicon Products, GlobalWafers, Formosa Sumco Technology and Wafer Works all hitting limit-up; passive components also saw price-hike reports, with leader Yageo touching NT$1,220 intraday, a new post-split high, before closing flat at NT$1,140 (CNA #1282940). [F-009] Come July 2, 2026, TSMC fell NT$40 to NT$2,465, MediaTek rose NT$10 against the trend to NT$4,345, Hon Hai fell NT$2 to NT$239, and Delta Electronics fell NT$20 to NT$1,970 (CNA #1296896). [F-006]

The high-level backdrop: "wary caution," two investor conferences, and the leverage warning

Chien Po-yi's overall framing of the July 2 session: Taiwan stocks are in a high-level, choppy phase with fast sector rotation, mainly because the index sits at a relatively high level and short-term trading sentiment is thick; an atmosphere of "wary caution" pervades the market and investors are leaning conservative; the market is focused on Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (the source writes "the 9th" and "the 16th"; July 2026 per the report's context), as the outlooks the two companies give will sway views on the market ahead (CNA #1299874). [F-007]

Bullish and cautious views coexist in the sources. On July 1, Yang Po-hsiang, head of global investment at HSBC's Taiwan investment-trust arm, argued that while Taiwan stocks have run very hot this year, a big rally does not necessarily mean overheating: with the AI wave, listed companies' revenue and profits have been accelerating for several quarters, and on a forward-12-month P/E basis valuations are not stretched; he also cited Nvidia CEO Jensen Huang's remark that robots with reasoning ability will become mainstream within one to three years (CNA #1286006). [F-003] On June 30, veteran analyst Liu Kun-hsi said the Taiex had reclaimed its 5-day and monthly moving averages but remained in a consolidation phase, with heavyweights' performance the key to any strong challenge of the record high (CNA #1270361). [F-005] Fubon investment-advisory chairman Chen Yi-kuang, on July 1, separately flagged three second-half challenges: recent Semi Analysis reports naming memory, CPO (co-packaged optics) and 800VDC power as emerging technologies whose mass adoption is being pushed back for capacity, yield and cost-efficiency reasons; SpaceX briefly becoming the world's fifth-largest company by market value after listing, whose huge fundraising pull could crowd out capital; and cloud giants' US$100-billion-scale fundraising pressuring free cash flow and ROI (CNA #1282940). [F-009]

The larger backdrop: Taiwan stocks surged 17,162 points in the first half of 2026, a record, and at the mid-year session of the Fubon Financial Economic Trends Forum held by Fubon Financial Holding (Fubon Financial Holding Co., Ltd.) on July 2, 2026, Fubon's investment advisory arm named positioning-side high leverage the market's biggest risk -- the listed-market margin balance reached NT$583.9 billion by early June, up about 70% from end-2025 (CNA #1296680). [F-010] The full leverage, volatility and 54,500-point year-end-forecast data are already documented at this site in ANK-2026-07-02-001 and are not re-minted here.

Risk factors

FAQ

Q: How much did Taiwan stocks fall on July 2, 2026, and how much did foreign investors sell?

On July 2, 2026 the market fell 274.83 points to close at 46,744.16, down 0.58%, with turnover of NT$1.01636 trillion; foreign and mainland Chinese investors net sold NT$89.046 billion, and the three major institutional groups net sold a combined NT$84.255 billion (proprietary dealers net sold NT$4.328 billion, investment trusts net bought NT$9.119 billion).

The market opened lower on July 2, 2026 and traded roughly, at one point falling more than 1,000 points in the morning and slipping below 46,000 before dip-buying narrowed the loss; TSMC fell NT$40 to NT$2,465, the electronics sector index fell 0.84%, the financial sector index fell 1.06%, and the TPEx index, representing small- and mid-cap stocks, rose 1.92% against the trend (CNA #1297120, CNA #1296896).

Q: What is the foreign investors' "one-day reversal"?

It refers to foreign and mainland Chinese investors net buying NT$32.376 billion on July 1, 2026 -- ending six straight sessions of net selling -- and then flipping straight back to net selling NT$89.046 billion on July 2: buying for one day and leaving. "One-day reversal" is this card's editorial label for the pattern recorded in the sources, not a trend judgment.

Veteran securities analyst Chien Po-yi's description: although the market talks of the index heading for the 50,000 mark, judging from foreign investors' recent moves, "they only turned from selling to buying yesterday, and today they went back to net selling" -- a cautious stance; the index sits at a relatively high level and the short term may stay choppy (CNA #1283308, CNA #1299874).

Q: What does "ETFs become the focus of adjustment" mean, and what is the evidence?

It means foreign investors' single-day large-flow lists center on ETFs in both directions: five of the top-10 foreign net buys on July 1 were actively managed ETFs, and the top-10 net sells on July 2 included five ETFs and three financial stocks. "ETFs become the focus of adjustment" is CNA's July 2 headline wording; "two-way adjustment" is this card's editorial reading after juxtaposing the two days' lists.

The most concrete case is the active Uni-President Global Innovation ETF (00988A): ranked among seventh to ninth on the foreign net-buy list on July 1, 2026, it topped the foreign net-sell list at 58,419 units on July 2; the Yuanta Taiwan 50 2X leveraged ETF (00631L) was in the top-10 net buys on June 30 and fell into the top-5 net sells on July 2. The sources do not explain foreign investors' motives, and this card does not speculate (CNA #1286006, CNA #1299874, CNA #1270361).

Q: What exactly did foreign investors buy and sell on July 2?

Top-5 net sells: the active Uni-President Global Innovation ETF at 58,419 units, AUO at 46,140 units, the Yuanta Taiwan 50 2X leveraged ETF (00631L), Mega Financial and First Financial; top-5 net buys: Winbond at 41,390 units, Fubon Financial at 37,126 units, China Petrochemical Development, Cathay Financial and Formosa Plastics. Heavyweight Hon Hai was also trimmed, ranking eighth on the net-sell list.

Chien Po-yi observed that money on July 2 shifted toward low-base (laggard) sectors, including plastics-petrochemicals and defense; the lists are ranked by units, a different measure from the NT$89.046 billion net-sell amount (CNA #1299874).

Q: Who are the "three major institutional groups," and how did each move over the three days?

Under CNA's classification, they are foreign and mainland Chinese investors, investment trusts, and proprietary dealers. June 30: foreign investors net sold NT$508 million, dealers net bought NT$14.585 billion, trusts net bought NT$755 million -- a combined net buy of NT$14.832 billion (a foreign-vs-domestic standoff). July 1: all three on the buy side -- foreign investors NT$32.376 billion, trusts NT$14.621 billion, dealers NT$5.938 billion, a combined net buy of NT$52.935 billion. July 2: foreign investors net sold NT$89.046 billion, dealers net sold NT$4.328 billion, trusts net bought NT$9.119 billion -- a combined net sell of NT$84.255 billion.

Notably, the investment trusts were net buyers in all three sessions -- three straight trading days; the selling on July 2 came from foreign money (CNA #1270361, CNA #1283308, CNA #1297120).

Q: The index reclaimed 47,000 on July 1 -- why did it fall the very next day?

On July 1, 2026, lifted by an early start to TSMC's investor-conference rally, TSMC jumped NT$95, or 3.94%, to close at its intraday high of NT$2,505, and the Taiex rose 893.08 points, or 1.94%, to 47,018.99, reclaiming 47,000; on July 2 the market opened lower, fell more than 1,000 points in the morning and slipped below 46,000, then narrowed the loss to close down 274.83 points at 46,744.16.

Moreover, the July 1 advance was not broad-based: at the close there were 441 advancers, 574 decliners and 898 unchanged -- decliners outnumbered advancers; the day's highlights were the price-hike themes in silicon wafers (Sino-American Silicon Products, GlobalWafers, Formosa Sumco Technology and Wafer Works at limit-up) and passive components (Yageo touching NT$1,220 intraday, a post-split high, closing flat at NT$1,140). The sources offer no interpretation of the breadth-vs-index divergence, and this card does not extend one (CNA #1282940, CNA #1282734, CNA #1296896).

Q: Does this net selling mean foreign investors have turned bearish on Taiwan stocks?

The sources do not explain the motive behind the selling, and this card does not speculate. Bullish and cautious views coexist in the sources: Chien Po-yi notes the cautious foreign stance and the "wary caution" mood; Yang Po-hsiang (July 1) argues that a big rally does not necessarily mean overheating and that valuations are not stretched on a forward-12-month P/E basis.

The larger backdrop: Taiwan stocks surged 17,162 points in the first half of 2026, a record, and Fubon's investment advisory arm named high leverage the market's biggest risk (the listed-market margin balance reached NT$583.9 billion by early June, up about 70% from end-2025) -- see this site's ANK-2026-07-02-001 for the full high-level, high-leverage backdrop (CNA #1299874, CNA #1286006, CNA #1296680).

Q: What should be watched next?

The sources point to two things: Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context), whose outlooks will sway views on the market ahead; and foreign investors' subsequent flows -- whether the back-and-forth "one-day reversal" pattern continues.

Liu Kun-hsi added on the June 30, 2026 trading day that heavyweights' performance is the key to whether Taiwan stocks can strongly challenge the record high; all of these are analyst views, not settled conclusions (CNA #1299874, CNA #1270361).

F-Units

F-001: On July 2, 2026, Taiwan stocks fell 274.83 points to close at 46,744.16 with turnover of NT$1.01636 trillion; foreign and mainland Chinese investors net sold NT$89.046 billion, returning to net selling the day after ending six straight selling sessions with a buy turn on July 1; the top-10 foreign net sells included five ETFs and three financial stocks, led by the active Uni-President Global Innovation ETF (00988A) at 58,419 units, with heavyweight Hon Hai trimmed and ranking eighth - source: CNA #1299874 - source_url: https://www.cna.com.tw/news/afe/202607020320.aspx - confidence: high - basis: news_aggregation - period: 2026-07-02 (Taipei close) - caveat: single-day flow data; "ETFs become the focus of adjustment" is CNA's headline wording; the list is ranked by units, a different measure from the net-sell amount (NT$); ETF names and codes follow the source text (names rendered as literal translations)

F-002: On July 2, 2026, the three major institutional groups net sold a combined NT$84.255 billion of Taiwan stocks: proprietary dealers net sold NT$4.328 billion, investment trusts net bought NT$9.119 billion, and foreign and mainland Chinese investors net sold NT$89.046 billion - source: CNA #1297120 - source_url: https://www.cna.com.tw/news/afe/202607020185.aspx - confidence: high - basis: news_aggregation - period: 2026-07-02 (Taipei close) - caveat: single-day net amounts; the NT$84.255 billion total is the sum of the three net positions (net sell NT$89.046 billion + net sell NT$4.328 billion - net buy NT$9.119 billion), internally consistent

F-003: On July 1, 2026, TSMC jumped NT$95 to close at its intraday high of NT$2,505, driving the market up 893.08 points to 47,018.99, back above the 47,000 mark; foreign and mainland Chinese investors (excluding foreign proprietary dealers) net bought NT$32.375 billion, ending six straight sessions of net selling; the top-3 foreign net buys were the active Uni-President Taiwan Equity Growth ETF at 139,081 units, the active Uni-President Upgrade 50 at 137,352 units and UMC at 65,873 units, with the active Cathay Momentum High Dividend, the active Uni-President Global Innovation and the active Yuanta AI New Economy in seventh to ninth place, and five of the top-10 net buys were actively managed ETFs; the top-3 net sells were AUO at 163,160 units, First Financial at 90,746 units and Chang Hwa Bank at 82,764 units; Yang Po-hsiang, head of global investment at HSBC's Taiwan investment-trust arm, argued a big rally does not necessarily mean overheating and valuations are not stretched on a forward-12-month P/E basis, citing Nvidia CEO Jensen Huang's remark that robots with reasoning ability will become mainstream within one to three years - source: CNA #1286006 - source_url: https://www.cna.com.tw/news/afe/202607010260.aspx - confidence: high - basis: news_aggregation - period: 2026-07-01 (Taipei close) - caveat: this report records foreign net buying of NT$32.375 billion (excluding foreign proprietary dealers) and turnover of about NT$1.3039 trillion; same-day CNA #1283308 records NT$32.376 billion and NT$1.301972 trillion -- the body uses NT$32.376 billion, consistent with the combined institutional sum, and lays out both as-is; Yang Po-hsiang's view and the Jensen Huang citation are not settled conclusions

F-004: On July 1, 2026, the three major institutional groups net bought a combined NT$52.935 billion of Taiwan stocks: proprietary dealers net bought NT$5.938 billion, investment trusts net bought NT$14.621 billion, and foreign and mainland Chinese investors net bought NT$32.376 billion; the market rose 893.08 points that day to close at 47,018.99, with turnover of NT$1.301972 trillion - source: CNA #1283308 - source_url: https://www.cna.com.tw/news/afe/202607010211.aspx - confidence: high - basis: news_aggregation - period: 2026-07-01 (Taipei close) - caveat: single-day net amounts; the NT$52.935 billion total is the sum of the three net buys (5.938 + 14.621 + 32.376 in NT$ billions), internally consistent; the foreign figure differs slightly from CNA #1286006 (NT$32.375 billion, marked "excluding foreign proprietary dealers")

F-005: On June 30, 2026, Taiwan stocks rose 1,126.01 points to close at 46,125.91 with turnover of NT$1.203323 trillion; foreign and mainland Chinese investors net sold NT$508 million, proprietary dealers net bought NT$14.585 billion and investment trusts net bought NT$755 million, for a combined institutional net buy of NT$14.832 billion -- a foreign-vs-domestic standoff; per Taiwan Stock Exchange data, the top-10 foreign net sells were mostly financial and memory stocks (Mega Financial, Chang Hwa Bank, First Financial, SinoPac Financial, E.SUN Financial, Macronix, Winbond, Powerchip, plus China Steel and Taiwan Cement); the top-10 net buys were the active Uni-President Upgrade 50 (00403A), the active Uni-President Taiwan Equity Growth (00981A), AUO (2409), the active Fuh Hwa Future 50 (00991A), Taiwan Glass, Cathay Financial, UMC, the KGI Taiwan TOP50 (009816), the Yuanta Taiwan 50 2X leveraged ETF (00631L), and the active KGI Taiwan (00407A); veteran analyst Liu Kun-hsi said the market remained in consolidation, with heavyweights' performance the key to any strong challenge of the record high - source: CNA #1270361 - source_url: https://www.cna.com.tw/news/afe/202606300267.aspx - confidence: high - basis: news_aggregation - period: 2026-06-30 (Taipei close) - caveat: single-day flow data; "mostly financial and memory stocks" is CNA's classification; the source does not count the ETFs in the buy list and this card does not classify or count them itself; Liu Kun-hsi's view is not a settled conclusion

F-006: On July 2, 2026, Taiwan stocks opened lower and traded roughly, falling more than 1,000 points in the morning and slipping below the 46,000 mark before dip-buying narrowed the loss, closing down 274.83 points at 46,744.16, a 0.58% decline; TSMC fell NT$40 to NT$2,465, MediaTek rose NT$10 against the trend to NT$4,345, Hon Hai fell NT$2 to NT$239, and Delta Electronics fell NT$20 to NT$1,970; the electronics sector index fell 0.84%, the financial sector index fell 1.06%, and the TPEx index, representing small- and mid-cap stocks, rose 1.92% - source: CNA #1296896 - source_url: https://www.cna.com.tw/news/afe/202607020156.aspx - confidence: high - basis: news_aggregation - period: 2026-07-02 (Taipei close) - caveat: single-day market data; "dip-buying came in" is CNA's market description

F-007: Top-5 foreign net sells on July 2, 2026: the active Uni-President Global Innovation ETF at 58,419 units on top, AUO at 46,140 units, the Yuanta Taiwan 50 2X leveraged ETF (00631L), Mega Financial and First Financial; top-5 net buys: Winbond at 41,390 units on top, Fubon Financial at 37,126 units, China Petrochemical Development, Cathay Financial and Formosa Plastics; veteran securities analyst Chien Po-yi said Taiwan stocks are in a high-level choppy phase with fast sector rotation, money shifting toward low-base (laggard) sectors such as plastics-petrochemicals and defense, and an atmosphere of "wary caution" pervading the market, which is focused on Largan Precision's investor conference on the 9th and TSMC's investor conference on the 16th; although the market talks of the index heading for the 50,000 mark, foreign investors only turned from selling to buying yesterday and went back to net selling today -- a cautious stance - source: CNA #1299874 - source_url: https://www.cna.com.tw/news/afe/202607020320.aspx - confidence: medium - basis: news_aggregation - period: 2026-07-02 (Taipei close); the conference dates read as July 9 and July 16, 2026 per the report's context - caveat: Chien Po-yi is a veteran securities analyst and his view is not a settled conclusion; "heading for 50,000" is market talk, not a settled forecast; the lists are ranked by units

F-008: On July 1, 2026, Taiwan stocks opened higher and extended gains: the Taiex opened at 46,234.70 (also the intraday low), hit an intraday high of 47,293.10, and closed up 893.08 points, or 1.94%; the ex-financial index rose 929.16 points to 42,442.64; the financial sector index fell 1.71%; at the close there were 441 advancers, 574 decliners and 898 unchanged; the top-5 stocks by volume were AUO, Innolux, the active Uni-President Upgrade 50, the active Uni-President Taiwan Equity Growth, and China Man-Made Fiber; the five biggest decliners included Winbond - source: CNA #1282734 - source_url: https://www.cna.com.tw/news/afe/202607010174.aspx - confidence: high - basis: news_aggregation - period: 2026-07-01 (Taipei close) - caveat: single-day market data; decliners outnumbering advancers and the index surge are two juxtaposed facts -- the source offers no interpretation and this card extends none

F-009: On July 1, 2026, TSMC's investor-conference rally started early, and TSMC rose NT$95, or 3.94%, to close at its intraday high of NT$2,505; the silicon-wafer group rode price-hike news, with Sino-American Silicon Products, GlobalWafers, Formosa Sumco Technology and Wafer Works all at limit-up; passive-component leader Yageo touched NT$1,220 intraday, a new post-split high, closing flat at NT$1,140; Fubon investment-advisory chairman Chen Yi-kuang flagged three second-half challenges: Semi Analysis reports naming memory, CPO (co-packaged optics) and 800VDC power as emerging technologies whose mass adoption is pushed back; SpaceX briefly becoming the world's fifth-largest company by market value after listing, with crowd-out risk for capital; and cloud giants' US$100-billion-scale fundraising pressuring free cash flow and ROI - source: CNA #1282940 - source_url: https://www.cna.com.tw/news/afe/202607010184.aspx - confidence: medium - basis: news_aggregation - period: 2026-07-01 (Taipei close) - caveat: "the investor-conference rally started early" is CNA's market description; Chen Yi-kuang's three challenges are Fubon's view and the Semi Analysis content is relayed -- none are settled conclusions

F-010: Taiwan stocks surged 17,162 points in the first half of 2026, a record; Fubon's investment advisory arm named positioning-side high leverage the market's biggest risk, with the listed-market margin balance rising to NT$583.9 billion by early June, up about 70% from end-2025 - source: CNA #1296680 - source_url: https://www.cna.com.tw/news/afe/202607020135.aspx - confidence: medium - basis: news_aggregation - period: first-half statistics through 2026-06-30; margin balance as of early June 2026; announced 2026-07-02 (mid-year session of the Fubon Financial Economic Trends Forum) - caveat: "up about 70%" is the source's approximation (CNA relaying Fubon statistics); the full leverage, volatility and 54,500-point-forecast data are documented in this site's ANK-2026-07-02-001 and not re-minted here

J-Units

J-001: The foreign investors' "one-day reversal" -- net selling of NT$508 million on June 30, 2026 (the tail of the six-session selling streak, amid a foreign-vs-domestic standoff), net buying of NT$32.376 billion on July 1 ending the streak, then net selling of NT$89.046 billion on July 2: within three trading days foreign money moved from near-neutral selling to buying and then to heavy selling; this matches Chien Po-yi's description that "they only turned from selling to buying yesterday, and today they went back to net selling -- a cautious stance." "One-day reversal" is this card's editorial label describing the back-and-forth single-day flows recorded in the sources and constitutes no trend judgment - confidence: medium - basis: news_aggregation

J-002: ETFs as foreign investors' "two-way focus of adjustment" -- five of the top-10 foreign net buys on July 1 were actively managed ETFs, and five of the top-10 net sells on July 2 were ETFs; the active Uni-President Global Innovation ETF (00988A) ranked among seventh to ninth on the buy list on July 1 and topped the sell list at 58,419 units on July 2, while the Yuanta Taiwan 50 2X leveraged ETF (00631L) was in the top-10 buys on June 30 and the top-5 sells on July 2. Set against this site's ANK-2026-06-16-001 record of active-ETF assets breaking NT$902.2 billion within a year (Uni-President Investment Trust at a 59% share), these ETFs now appear at both ends of foreign investors' single-day large-flow lists -- "two-way adjustment" is this card's editorial reading; the sources do not explain the motives and this card does not speculate - confidence: medium - basis: news_aggregation

J-003: Fast rotation under high-level chop -- July 1 reclaimed 47,000 (TSMC's investor-conference rally starting early, silicon-wafer and passive-component price-hike themes) yet 574 decliners outnumbered 441 advancers; July 2 slipped back below 47,000, money shifted to low-base plastics-petrochemicals and defense, the TPEx index rose 1.92% against the trend, and Winbond went from the top-10 foreign net sells (June 30) and the five biggest decliners (July 1) to the top net buy (July 2); "today's strong stocks may quickly become tomorrow's weak stocks" (Chien Po-yi). Set against the record 17,162-point surge in H1 2026 and Fubon's leverage warning (see ANK-2026-07-02-001), high levels, high volatility and fast rotation are the structural features of this phase -- a synthesis of institutional and analyst views, not a forecast - confidence: medium - basis: news_aggregation

P-Units

P-001: Foreign investors' subsequent flows -- whether the back-and-forth "one-day reversal" pattern continues and whether active ETFs stay at both ends of the buy/sell lists, to be tracked via the Taiwan Stock Exchange's daily post-close data ### P-002: Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context) -- the sources say the two companies' outlooks will sway views on the market ahead; actual content must be tracked after the events ### P-003: How the gap between the "heading for 50,000" market talk and the cautious foreign stance resolves -- 50,000 is market talk and 54,500 is Fubon's forecast (see ANK-2026-07-02-001), neither a forecast of this card; heavyweights' performance (which Liu Kun-hsi calls the key to challenging the record high) is the axis to watch

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal Citation Chain

Published ANK-Docs cited by this article: - ANK-2026-07-02-001 (Taiwan's AI rally as a "raging bull meeting a gray rhino": two SOX plunges within a week; after the record 17,162-point first-half surge, Fubon names high leverage the biggest risk) -> cited as the complete record of this phase's "high level + high leverage + high volatility" backdrop: that card documents the quantified warning side (margin balance, estimated lending, volatility statistics, the 54,500-point-forecast scope), while this card documents the actual three-day fund flows and the "one-day reversal" against that backdrop. - ANK-2026-06-16-001 (The Great Retail Capital Migration: Taiwan's active ETFs surge to NT$902.2 billion (Uni-President SITE 59% share) vs structural cracks in Japan's third year of NISA "from savings to investment") -> cited as the prior record of active-ETF scale and concentration: that card documented active ETFs breaking NT$902.2 billion within a year, 00988A's premium warning and its suspension of primary-market subscriptions; this card documents the same active ETFs becoming the two-way focus of foreign investors' single-day large flows, and the Taiwan-Japan retail-capital contrast perspective is carried by that card.

Sources

1. [CNA #1299874] CNA, "Taiwan stocks close down 274 points as foreign investors net sell NT$89.0 billion; ETFs become the focus of adjustment", 2026-07-02. https://www.cna.com.tw/news/afe/202607020320.aspx 2. [CNA #1297120] CNA, "Three major institutional groups net sell NT$84.255 billion of Taiwan stocks", 2026-07-02. https://www.cna.com.tw/news/afe/202607020185.aspx 3. [CNA #1286006] CNA, "Foreign investors net buy NT$32.3 billion, ending six straight selling sessions, with heavy buying of active ETFs", 2026-07-01. https://www.cna.com.tw/news/afe/202607010260.aspx 4. [CNA #1283308] CNA, "Three major institutional groups net buy NT$52.935 billion of Taiwan stocks", 2026-07-01. https://www.cna.com.tw/news/afe/202607010211.aspx 5. [CNA #1270361] CNA, "Foreign investors net sell NT$508 million, trimming financial and memory stocks", 2026-06-30. https://www.cna.com.tw/news/afe/202606300267.aspx 6. [CNA #1296896] CNA, "Taiwan stocks close down 274 points at 46,744 as TSMC falls NT$40", 2026-07-02. https://www.cna.com.tw/news/afe/202607020156.aspx 7. [CNA #1282734] CNA, "Taiwan stocks open higher and extend gains, closing up 893 points", 2026-07-01. https://www.cna.com.tw/news/afe/202607010174.aspx 8. [CNA #1282940] CNA, "Taiwan stocks close above 47,000 on strong silicon-wafer and passive-component price-hike themes", 2026-07-01. https://www.cna.com.tw/news/afe/202607010184.aspx 9. [CNA #1296680] CNA, "Taiwan stocks at record high; Fubon warns of high-leverage risk while bullish on second-half AI", 2026-07-02. https://www.cna.com.tw/news/afe/202607020135.aspx 10. [ANK-2026-07-02-001] Rin Takenouchi, "Taiwan's AI Rally as a 'Raging Bull Meeting a Gray Rhino': Two SOX Single-Day Plunges Within a Week (5.29% on June 26, 6.27% on July 1), TSMC ADR Down 6.9%; After the Record 17,162-Point First-Half Surge, Fubon Names High Leverage the Biggest Risk", 2026-07-02. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-07-02-001 11. [ANK-2026-06-16-001] Rin Takenouchi, "The Great Retail Capital Migration: Taiwan's Active ETFs Surge to NT$902.2 Billion (Uni-President SITE 59% Share) vs Structural Cracks in Japan's Third Year of NISA 'From Savings to Investment'", 2026-06-16. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-16-001

📊 引用級事實單元（F-Units）

On July 2, 2026, Taiwan stocks fell 274.83 points to close at 46,744.16 with turnover of NT$1.01636 trillion; foreign and mainland Chinese investors net sold NT$89.046 billion, returning to net selling the day after ending six straight selling sessions with a buy turn on July 1; the top-10 foreign net sells included five ETFs and three financial stocks, led by the active Uni-President Global Innovation ETF (00988A) at 58,419 units, with heavyweight Hon Hai trimmed and ranking eighth
F-001 · Confidence: high · Basis: news_aggregation CNA #1299874 2026-07-02 (Taipei close)
On July 2, 2026, the three major institutional groups net sold a combined NT$84.255 billion of Taiwan stocks: proprietary dealers net sold NT$4.328 billion, investment trusts net bought NT$9.119 billion, and foreign and mainland Chinese investors net sold NT$89.046 billion
F-002 · Confidence: high · Basis: news_aggregation CNA #1297120 2026-07-02 (Taipei close)
On July 1, 2026, TSMC jumped NT$95 to close at its intraday high of NT$2,505, driving the market up 893.08 points to 47,018.99, back above the 47,000 mark; foreign and mainland Chinese investors (excluding foreign proprietary dealers) net bought NT$32.375 billion, ending six straight sessions of net selling; the top-3 foreign net buys were the active Uni-President Taiwan Equity Growth ETF at 139,081 units, the active Uni-President Upgrade 50 at 137,352 units and UMC at 65,873 units, with the active Cathay Momentum High Dividend, the active Uni-President Global Innovation and the active Yuanta AI New Economy in seventh to ninth place, and five of the top-10 net buys were actively managed ETFs; the top-3 net sells were AUO at 163,160 units, First Financial at 90,746 units and Chang Hwa Bank at 82,764 units; Yang Po-hsiang, head of global investment at HSBC's Taiwan investment-trust arm, argued a big rally does not necessarily mean overheating and valuations are not stretched on a forward-12-month P/E basis, citing Nvidia CEO Jensen Huang's remark that robots with reasoning ability will become mainstream within one to three years
F-003 · Confidence: high · Basis: news_aggregation CNA #1286006 2026-07-01 (Taipei close)
On July 1, 2026, the three major institutional groups net bought a combined NT$52.935 billion of Taiwan stocks: proprietary dealers net bought NT$5.938 billion, investment trusts net bought NT$14.621 billion, and foreign and mainland Chinese investors net bought NT$32.376 billion; the market rose 893.08 points that day to close at 47,018.99, with turnover of NT$1.301972 trillion
F-004 · Confidence: high · Basis: news_aggregation CNA #1283308 2026-07-01 (Taipei close)
On June 30, 2026, Taiwan stocks rose 1,126.01 points to close at 46,125.91 with turnover of NT$1.203323 trillion; foreign and mainland Chinese investors net sold NT$508 million, proprietary dealers net bought NT$14.585 billion and investment trusts net bought NT$755 million, for a combined institutional net buy of NT$14.832 billion -- a foreign-vs-domestic standoff; per Taiwan Stock Exchange data, the top-10 foreign net sells were mostly financial and memory stocks (Mega Financial, Chang Hwa Bank, First Financial, SinoPac Financial, E.SUN Financial, Macronix, Winbond, Powerchip, plus China Steel and Taiwan Cement); the top-10 net buys were the active Uni-President Upgrade 50 (00403A), the active Uni-President Taiwan Equity Growth (00981A), AUO (2409), the active Fuh Hwa Future 50 (00991A), Taiwan Glass, Cathay Financial, UMC, the KGI Taiwan TOP50 (009816), the Yuanta Taiwan 50 2X leveraged ETF (00631L), and the active KGI Taiwan (00407A); veteran analyst Liu Kun-hsi said the market remained in consolidation, with heavyweights' performance the key to any strong challenge of the record high
F-005 · Confidence: high · Basis: news_aggregation CNA #1270361 2026-06-30 (Taipei close)
On July 2, 2026, Taiwan stocks opened lower and traded roughly, falling more than 1,000 points in the morning and slipping below the 46,000 mark before dip-buying narrowed the loss, closing down 274.83 points at 46,744.16, a 0.58% decline; TSMC fell NT$40 to NT$2,465, MediaTek rose NT$10 against the trend to NT$4,345, Hon Hai fell NT$2 to NT$239, and Delta Electronics fell NT$20 to NT$1,970; the electronics sector index fell 0.84%, the financial sector index fell 1.06%, and the TPEx index, representing small- and mid-cap stocks, rose 1.92%
F-006 · Confidence: high · Basis: news_aggregation CNA #1296896 2026-07-02 (Taipei close)
Top-5 foreign net sells on July 2, 2026: the active Uni-President Global Innovation ETF at 58,419 units on top, AUO at 46,140 units, the Yuanta Taiwan 50 2X leveraged ETF (00631L), Mega Financial and First Financial; top-5 net buys: Winbond at 41,390 units on top, Fubon Financial at 37,126 units, China Petrochemical Development, Cathay Financial and Formosa Plastics; veteran securities analyst Chien Po-yi said Taiwan stocks are in a high-level choppy phase with fast sector rotation, money shifting toward low-base (laggard) sectors such as plastics-petrochemicals and defense, and an atmosphere of "wary caution" pervading the market, which is focused on Largan Precision's investor conference on the 9th and TSMC's investor conference on the 16th; although the market talks of the index heading for the 50,000 mark, foreign investors only turned from selling to buying yesterday and went back to net selling today -- a cautious stance
F-007 · Confidence: medium · Basis: news_aggregation CNA #1299874 2026-07-02 (Taipei close); the conference dates read as July 9 and July 16, 2026 per the report's context
On July 1, 2026, Taiwan stocks opened higher and extended gains: the Taiex opened at 46,234.70 (also the intraday low), hit an intraday high of 47,293.10, and closed up 893.08 points, or 1.94%; the ex-financial index rose 929.16 points to 42,442.64; the financial sector index fell 1.71%; at the close there were 441 advancers, 574 decliners and 898 unchanged; the top-5 stocks by volume were AUO, Innolux, the active Uni-President Upgrade 50, the active Uni-President Taiwan Equity Growth, and China Man-Made Fiber; the five biggest decliners included Winbond
F-008 · Confidence: high · Basis: news_aggregation CNA #1282734 2026-07-01 (Taipei close)
On July 1, 2026, TSMC's investor-conference rally started early, and TSMC rose NT$95, or 3.94%, to close at its intraday high of NT$2,505; the silicon-wafer group rode price-hike news, with Sino-American Silicon Products, GlobalWafers, Formosa Sumco Technology and Wafer Works all at limit-up; passive-component leader Yageo touched NT$1,220 intraday, a new post-split high, closing flat at NT$1,140; Fubon investment-advisory chairman Chen Yi-kuang flagged three second-half challenges: Semi Analysis reports naming memory, CPO (co-packaged optics) and 800VDC power as emerging technologies whose mass adoption is pushed back; SpaceX briefly becoming the world's fifth-largest company by market value after listing, with crowd-out risk for capital; and cloud giants' US$100-billion-scale fundraising pressuring free cash flow and ROI
F-009 · Confidence: medium · Basis: news_aggregation CNA #1282940 2026-07-01 (Taipei close)
Taiwan stocks surged 17,162 points in the first half of 2026, a record; Fubon's investment advisory arm named positioning-side high leverage the market's biggest risk, with the listed-market margin balance rising to NT$583.9 billion by early June, up about 70% from end-2025
F-010 · Confidence: medium · Basis: news_aggregation CNA #1296680 first-half statistics through 2026-06-30; margin balance as of early June 2026; announced 2026-07-02 (mid-year session of the Fubon Financial Economic Trends Forum)

❓ FAQ

How much did Taiwan stocks fall on July 2, 2026, and how much did foreign investors sell?

On July 2, 2026 the market fell 274.83 points to close at 46,744.16, down 0.58%, with turnover of NT$1.01636 trillion; foreign and mainland Chinese investors net sold NT$89.046 billion, and the three major institutional groups net sold a combined NT$84.255 billion (proprietary dealers net sold NT$4.328 billion, investment trusts net bought NT$9.119 billion). The market opened lower on July 2, 2026 and traded roughly, at one point falling more than 1,000 points in the morning and slipping below 46,000 before dip-buying narrowed the loss; TSMC fell NT$40 to NT$2,465, the electronics sector index fell 0.84%, the financial sector index fell 1.06%, and the TPEx index, representing small- and mid-cap stocks, rose 1.92% against the trend (CNA #1297120, CNA #1296896).

What is the foreign investors' "one-day reversal"?

It refers to foreign and mainland Chinese investors net buying NT$32.376 billion on July 1, 2026 -- ending six straight sessions of net selling -- and then flipping straight back to net selling NT$89.046 billion on July 2: buying for one day and leaving. "One-day reversal" is this card's editorial label for the pattern recorded in the sources, not a trend judgment. Veteran securities analyst Chien Po-yi's description: although the market talks of the index heading for the 50,000 mark, judging from foreign investors' recent moves, "they only turned from selling to buying yesterday, and today they went back to net selling" -- a cautious stance; the index sits at a relatively high level and the short term may stay choppy (CNA #1283308, CNA #1299874).

What does "ETFs become the focus of adjustment" mean, and what is the evidence?

It means foreign investors' single-day large-flow lists center on ETFs in both directions: five of the top-10 foreign net buys on July 1 were actively managed ETFs, and the top-10 net sells on July 2 included five ETFs and three financial stocks. "ETFs become the focus of adjustment" is CNA's July 2 headline wording; "two-way adjustment" is this card's editorial reading after juxtaposing the two days' lists. The most concrete case is the active Uni-President Global Innovation ETF (00988A): ranked among seventh to ninth on the foreign net-buy list on July 1, 2026, it topped the foreign net-sell list at 58,419 units on July 2; the Yuanta Taiwan 50 2X leveraged ETF (00631L) was in the top-10 net buys on June 30 and fell into the top-5 net sells on July 2. The sources do not explain foreign investors' motives, and this card does not speculate (CNA #1286006, CNA #1299874, CNA #1270361).

What exactly did foreign investors buy and sell on July 2?

Top-5 net sells: the active Uni-President Global Innovation ETF at 58,419 units, AUO at 46,140 units, the Yuanta Taiwan 50 2X leveraged ETF (00631L), Mega Financial and First Financial; top-5 net buys: Winbond at 41,390 units, Fubon Financial at 37,126 units, China Petrochemical Development, Cathay Financial and Formosa Plastics. Heavyweight Hon Hai was also trimmed, ranking eighth on the net-sell list. Chien Po-yi observed that money on July 2 shifted toward low-base (laggard) sectors, including plastics-petrochemicals and defense; the lists are ranked by units, a different measure from the NT$89.046 billion net-sell amount (CNA #1299874).

Who are the "three major institutional groups," and how did each move over the three days?

Under CNA's classification, they are foreign and mainland Chinese investors, investment trusts, and proprietary dealers. June 30: foreign investors net sold NT$508 million, dealers net bought NT$14.585 billion, trusts net bought NT$755 million -- a combined net buy of NT$14.832 billion (a foreign-vs-domestic standoff). July 1: all three on the buy side -- foreign investors NT$32.376 billion, trusts NT$14.621 billion, dealers NT$5.938 billion, a combined net buy of NT$52.935 billion. July 2: foreign investors net sold NT$89.046 billion, dealers net sold NT$4.328 billion, trusts net bought NT$9.119 billion -- a combined net sell of NT$84.255 billion. Notably, the investment trusts were net buyers in all three sessions -- three straight trading days; the selling on July 2 came from foreign money (CNA #1270361, CNA #1283308, CNA #1297120).

The index reclaimed 47,000 on July 1 -- why did it fall the very next day?

On July 1, 2026, lifted by an early start to TSMC's investor-conference rally, TSMC jumped NT$95, or 3.94%, to close at its intraday high of NT$2,505, and the Taiex rose 893.08 points, or 1.94%, to 47,018.99, reclaiming 47,000; on July 2 the market opened lower, fell more than 1,000 points in the morning and slipped below 46,000, then narrowed the loss to close down 274.83 points at 46,744.16. Moreover, the July 1 advance was not broad-based: at the close there were 441 advancers, 574 decliners and 898 unchanged -- decliners outnumbered advancers; the day's highlights were the price-hike themes in silicon wafers (Sino-American Silicon Products, GlobalWafers, Formosa Sumco Technology and Wafer Works at limit-up) and passive components (Yageo touching NT$1,220 intraday, a post-split high, closing flat at NT$1,140). The sources offer no interpretation of the breadth-vs-index divergence, and this card does not extend one (CNA #1282940, CNA #1282734, CNA #1296896).

Does this net selling mean foreign investors have turned bearish on Taiwan stocks?

The sources do not explain the motive behind the selling, and this card does not speculate. Bullish and cautious views coexist in the sources: Chien Po-yi notes the cautious foreign stance and the "wary caution" mood; Yang Po-hsiang (July 1) argues that a big rally does not necessarily mean overheating and that valuations are not stretched on a forward-12-month P/E basis. The larger backdrop: Taiwan stocks surged 17,162 points in the first half of 2026, a record, and Fubon's investment advisory arm named high leverage the market's biggest risk (the listed-market margin balance reached NT$583.9 billion by early June, up about 70% from end-2025) -- see this site's ANK-2026-07-02-001 for the full high-level, high-leverage backdrop (CNA #1299874, CNA #1286006, CNA #1296680).

What should be watched next?

The sources point to two things: Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context), whose outlooks will sway views on the market ahead; and foreign investors' subsequent flows -- whether the back-and-forth "one-day reversal" pattern continues. Liu Kun-hsi added on the June 30, 2026 trading day that heavyweights' performance is the key to whether Taiwan stocks can strongly challenge the record high; all of these are analyst views, not settled conclusions (CNA #1299874, CNA #1270361). ---

🧠 編輯判斷（J-Units）

The foreign investors' "one-day reversal" -- net selling of NT$508 million on June 30, 2026 (the tail of the six-session selling streak, amid a foreign-vs-domestic standoff), net buying of NT$32.376 billion on July 1 ending the streak, then net selling of NT$89.046 billion on July 2: within three trading days foreign money moved from near-neutral selling to buying and then to heavy selling; this matches Chien Po-yi's description that "they only turned from selling to buying yesterday, and today they went back to net selling -- a cautious stance." "One-day reversal" is this card's editorial label describing the back-and-forth single-day flows recorded in the sources and constitutes no trend judgment
Confidence: medium
ETFs as foreign investors' "two-way focus of adjustment" -- five of the top-10 foreign net buys on July 1 were actively managed ETFs, and five of the top-10 net sells on July 2 were ETFs; the active Uni-President Global Innovation ETF (00988A) ranked among seventh to ninth on the buy list on July 1 and topped the sell list at 58,419 units on July 2, while the Yuanta Taiwan 50 2X leveraged ETF (00631L) was in the top-10 buys on June 30 and the top-5 sells on July 2. Set against this site's ANK-2026-06-16-001 record of active-ETF assets breaking NT$902.2 billion within a year (Uni-President Investment Trust at a 59% share), these ETFs now appear at both ends of foreign investors' single-day large-flow lists -- "two-way adjustment" is this card's editorial reading; the sources do not explain the motives and this card does not speculate
Confidence: medium
Fast rotation under high-level chop -- July 1 reclaimed 47,000 (TSMC's investor-conference rally starting early, silicon-wafer and passive-component price-hike themes) yet 574 decliners outnumbered 441 advancers; July 2 slipped back below 47,000, money shifted to low-base plastics-petrochemicals and defense, the TPEx index rose 1.92% against the trend, and Winbond went from the top-10 foreign net sells (June 30) and the five biggest decliners (July 1) to the top net buy (July 2); "today's strong stocks may quickly become tomorrow's weak stocks" (Chien Po-yi). Set against the record 17,162-point surge in H1 2026 and Fubon's leverage warning (see ANK-2026-07-02-001), high levels, high volatility and fast rotation are the structural features of this phase -- a synthesis of institutional and analyst views, not a forecast
Confidence: medium

🔮 待驗證假設（P-Units）

Foreign investors' subsequent flows -- whether the back-and-forth "one-day reversal" pattern continues and whether active ETFs stay at both ends of the buy/sell lists, to be tracked via the Taiwan Stock Exchange's daily post-close data
Status: open
Largan Precision's investor conference on July 9 and TSMC's investor conference on July 16 (July 2026 per the report's context) -- the sources say the two companies' outlooks will sway views on the market ahead; actual content must be tracked after the events
Status: open
How the gap between the "heading for 50,000" market talk and the cautious foreign stance resolves -- 50,000 is market talk and 54,500 is Fubon's forecast (see ANK-2026-07-02-001), neither a forecast of this card; heavyweights' performance (which Liu Kun-hsi calls the key to challenging the record high) is the axis to watch
Status: open

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