Odd lot trades of contract chipmaker Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) shares surged on Friday, although the stock faced headwinds, tumbling more than 5 percent in the session, the Taiwan Stock Exchange (TWSE) said.
The volume of odd lot trades of TSMC shares totaled about 9.84 million shares on Friday, up sharply by about 400 percent from Tuesday, in a session before the local stock market closed due to Typhoon Gaemi on Wednesday and Thursday, the TWSE added.
Stocks in Taiwan are usually bought or sold in lots of 1,000 shares. The nation lifted a ban on odd lots during regular trading hours in October 2020 to make it easier for retail investors to buy high-priced stocks in quantities of less than 1,000 shares.
Photo: Ann Wang, Reuters
TSMC on Friday shed 5.62 percent to close at NT$924, but traded above the nearest technical support at about the 60-day moving average of NT$910.00, TWSE data showed.
The heavy losses cut TSMC’s market capitalization by more than NT$1.42 trillion (US$43.3 billion) in one session to NT$23.96 trillion, the data showed.
The volume of odd lot trades of TSMC shares on Friday is the sixth-highest in the chipmaker’s history since its listing on Sept. 5, 1994, TWSE data showed.
The value of odd lot trades of TSMC shares on Friday totaled NT$9.12 billion, the second-highest for the chipmaker, TWSE data showed.
Analysts said the strong buying from retail investors indicated optimism about TSMC’s business outlook.
Odd lots provided investors with a good trading platform to own the stock.
As for iPhone assembler Hon Hai Precision Industry Co (鴻海精密), also known as Foxconn Technology Group (富士康科技集團), odd lot trades of its shares on Friday soared 183 percent from Tuesday to about 3.16 million shares, the seventh-highest in the company’s history since a listing on the main board on June 18, 1991, TWSE data showed.
The value of odd lot trades of Hon Hai, second to TSMC in terms of market value, totaled about NT$609 million on Friday, the fifth-largest for the world’s largest contract electronics maker, the data showed.
The strong buying by retail investors also showed they were willing to pick up bargains after Hon Hai shares tumbled 4.71 percent to end at NT$192, which wiped out its market cap by NT$131.7 billion to NT$2.66 trillion, the TWSE said.
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