Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares yesterday closed at a new high in the wake of a rally among tech stocks on Wall Street on Friday, moving the TAIEX sharply higher by more than 600 points.
TSMC, the most heavily weighted stock in the TAIEX, rose 4.65 percent to close at a new high of NT$1,125, boosting its market value to NT$29.17 trillion (US$888 billion) and contributing about 400 points to the TAIEX’s rise.
The TAIEX ended up 639.41 points, or 2.79 percent, at 23,547.71. Turnover totaled NT$406.478 billion, Taiwan Stock Exchange data showed.
Photo: Bloomberg
The surge in TSMC follows a positive performance on Wall Street on Friday, with the Dow Jones Industrial Average rising 0.8 percent, the NASDAQ Composite index increasing 1.77 percent and the Philadelphia Semiconductor Index climbing 2.83 percent. TSMC’s American Depositary Receipts also posted a 3.49 percent rise.
TSMC and several electronics heavyweights attracted strong buying yesterday ahead of the opening of the Consumer Electronics Show (CES) in Las Vegas, analysts said.
“Many investors at home and abroad have highly anticipated Nvidia Corp will give positive leads at CES,” MasterLink Securities Corp (元富證券) analyst Tom Tang (湯忠謙) said, referring to a keynote speech Nvidia CEO Jensen Huang (黃仁勳) is to give at the tech event.
“So, after the strong showing among tech stocks on the US markets on Friday, large-cap electronics stocks in Taiwan just followed suit, led by TSMC,” Tang said.
Hon Hai Precision Industry Co (鴻海精密), assembly partner of Nvidia and Apple Inc, rallied 1.93 percent after the company reported better-than-expected revenue for the latest quarter and the whole of last year.
Elsewhere in Asia, markets were mixed yesterday, as traders struggled to track a healthy run-up on Wall Street, with minds turning to US president-elect Donald Trump’s second presidency.
Sydney, Singapore, Manila and Wellington edged up, while Seoul piled on 1.9 percent even as South Korea remains gripped by political uncertainty following suspended South Korean President Yoon Suk-yeol’s brief martial law attempt last month.
Tokyo retreated more than 1 percent, with Nippon Steel Corp taking a hit after US President Joe Biden blocked its proposed US$14.9 billion purchase of US Steel Corp, saying that it would “create risk for our national security and our critical supply chains.”
There were also losses in Hong Kong, Mumbai, Bangkok and Jakarta.
Meanwhile, Chinese stocks extended losses yesterday to three-month lows despite authorities’ efforts to shore up the market, as concerns over economic recovery and geopolitical tensions weighed.
The blue-chip CSI 300 closed down 0.2 percent to its lowest level since Sept. 27 last year, extending a 5.2 percent drop last week, while the Shanghai Composite index slipped 0.1 percent.
To stabilize volatility, the Shanghai and Shenzhen exchanges met with foreign institutions over the weekend, with both bourses pledging to continue opening up China’s capital markets and asking some large mutual funds to restrict selling.
Additional reporting by AFP and Reuters
SEMICONDUCTOR SERVICES: A company executive said that Taiwanese firms must think about how to participate in global supply chains and lift their competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it expects to launch its first multifunctional service center in Pingtung County in the middle of 2027, in a bid to foster a resilient high-tech facility construction ecosystem. TSMC broached the idea of creating a center two or three years ago when it started building new manufacturing capacity in the US and Japan, the company said. The center, dubbed an “ecosystem park,” would assist local manufacturing facility construction partners to upgrade their capabilities and secure more deals from other global chipmakers such as Intel Corp, Micron Technology Inc and Infineon Technologies AG, TSMC said. It
NO BREAKTHROUGH? More substantial ‘deliverables,’ such as tariff reductions, would likely be saved for a meeting between Trump and Xi later this year, a trade expert said China launched two probes targeting the US semiconductor sector on Saturday ahead of talks between the two nations in Spain this week on trade, national security and the ownership of social media platform TikTok. China’s Ministry of Commerce announced an anti-dumping investigation into certain analog integrated circuits (ICs) imported from the US. The investigation is to target some commodity interface ICs and gate driver ICs, which are commonly made by US companies such as Texas Instruments Inc and ON Semiconductor Corp. The ministry also announced an anti-discrimination probe into US measures against China’s chip sector. US measures such as export curbs and tariffs
The US on Friday penalized two Chinese firms that acquired US chipmaking equipment for China’s top chipmaker, Semiconductor Manufacturing International Corp (SMIC, 中芯國際), including them among 32 entities that were added to the US Department of Commerce’s restricted trade list, a US government posting showed. Twenty-three of the 32 are in China. GMC Semiconductor Technology (Wuxi) Co (吉姆西半導體科技) and Jicun Semiconductor Technology (Shanghai) Co (吉存半導體科技) were placed on the list, formally known as the Entity List, for acquiring equipment for SMIC Northern Integrated Circuit Manufacturing (Beijing) Corp (中芯北方積體電路) and Semiconductor Manufacturing International (Beijing) Corp (中芯北京), the US Federal Register posting said. The
India’s ban of online money-based games could drive addicts to unregulated apps and offshore platforms that pose new financial and social risks, fantasy-sports gaming experts say. Indian Prime Minister Narendra Modi’s government banned real-money online games late last month, citing financial losses and addiction, leading to a shutdown of many apps offering paid fantasy cricket, rummy and poker games. “Many will move to offshore platforms, because of the addictive nature — they will find alternate means to get that dopamine hit,” said Viren Hemrajani, a Mumbai-based fantasy cricket analyst. “It [also] leads to fraud and scams, because everything is now
RSS