The TAIEX rose by more than 1 percent to close above 16,800 points yesterday, thanks in large part to a 2.38 percent gain for Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock on the local market.
In the last five minutes of trading, 48,460 board lots in TSMC shares were traded, with shares in the company ending the session up 2.38 percent at NT$560, contributing to a 116-point gain for the TAIEX by the close of the day.
In addition, 3,802 lots of smartphone chip designer MediaTek Inc (聯發科) were traded in the last five minutes of the session, pushing the stock up 3.08 percent to close at NT$905.
Overall, buying in the last five minutes drove the benchmark index to rise 157 points, with turnover of NT$159.1 billion.
The TAIEX ended up 197.15 points, or 1.19 percent, at the day's high of 16,807.77. Turnover totaled NT$387.262 billion (US$13.26 billion), with foreign institutional investors buying a net NT$23.25 billion of shares on the main board, Taiwan Stock Exchange data showed.
The TAIEX had added more than 600 points over the past two trading sessions before yesterday and has risen 1.3 percent, or 215.59 points, so far this month.
Several short-term factors could cause the market to go up, including the reduced impact of the US interest rate hikes and the Federal Reserve's plan to further tighten credit across the economy, and an anticipated easing of global supply chain disruption as Shanghai lifts its COVID-19 restrictions, according to analysts.
Elsewhere in Asia, stock markets were mixed yesterday as investors battled to maintain a global rally, with inflation still niggling over a pick-up in oil prices while a top Fed official pressed for a series of sharp rate hikes.
But optimism was boosted by data indicating an improvement in China's crucial manufacturing sector, helped by the easing of some strict COVID containment measures in major cities including Shanghai.
Hong Kong and Shanghai rose more than one percent, while Seoul, Singapore, akarta, Bangkok and Wellington also advanced.
Tokyo, Sydney, Mumbai and Manila fell.
Additional reporting by AFP
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