The TAIEX yesterday closed above 16,700 points, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker.
The benchmark index closed up 393.91 points, or 2.40 percent, at the day’s high of 16,781.19. Turnover was NT$283.979 billion (US$10.13 billion).
The market drew support from strong buying of technology stocks, after TSMC posted a higher-than-expected profit in the third quarter and upgraded its outlook at an investor conference on Thursday.
All of the major stock categories, except the textiles sector, gained ground, with mechanical and electronics shares scoring the highest gains.
Semiconductor shares accounted for nearly 40 percent of total turnover, while stocks in the shipping industry made up 14 percent.
TSMC, the most heavily weighted stock on the TAIEX, rose 4.17 percent to close at NT$600.00, with 53 million shares changing hands.
United Microelectronics Corp (UMC, 聯電), the second-largest Taiwanese contract chipmaker, closed 4.23 percent higher at NT$59.10.
Among Apple Inc suppliers, Largan Precision Co (大立光), a smartphone camera lens maker, gained 2.03 percent to close at NT$2,010.00.
Shares of iPhone assembler Hon Hai Precision Industry Co (鴻海精密), second only to TSMC in terms of market capitalization, rose 2.82 percent to close at NT$109.50.
However, shipping industry shares came under selling pressure, with shares of the top three companies all closing lower.
Evergreen Marine Corp fell 1.47 percent to close at NT$93.90, Yang Ming Marine Transport Corp (陽明海運) edged down 0.11 percent to close at NT$92.30 and Wan Hai Lines Ltd (萬海航運) closed 2.13 percent lower at NT$161.00.
Whether the rally is maintained depends on the performance of technology shares in the US in the next few weeks, Cathay Futures Consultant Co (國泰證期顧問) analyst Tsai Ming-han (蔡明翰) said.
Foreign institutional investors yesterday bought a net NT$27.90 billion of shares, the Taiwan Stock Exchange said.
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