Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain.
The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said.
Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights.
Photo: CNA
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement.
The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert preparations at all fabs, including placing emergency response teams on standby.
Over the past few days, Gaemi traveled past the Philippines, which placed northern parts of its main Luzon island on alert.
Taiwan’s market suspension comes after volatile trading over the past few days, with the benchmark TAIEX nearing a technical correction after investors took profits from the artificial intelligence frenzy.
Taiwanese shares yesterday staged a strong technical rebound after plunging a session earlier, as investors took cues from an overnight rally on Wall Street to pick up bargains on the local main board, dealers said.
The TAIEX ended up 614.85 points, or 2.76 percent, at 22,871.84, with TSMC, the most heavily weighted stock on the local market, gaining 4.26 percent as worries eased over geopolitical tensions related to the possibility of former US president Donald Trump securing a second term.
TSMC’s rise contributed about 320 points to the TAIEX’s gains, dealers said.
Additional reporting by CNA
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