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
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) last week recorded an increase in the number of shareholders to the highest in almost eight months, despite its share price falling 3.38 percent from the previous week, Taiwan Stock Exchange data released on Saturday showed. As of Friday, TSMC had 1.88 million shareholders, the most since the week of April 25 and an increase of 31,870 from the previous week, the data showed. The number of shareholders jumped despite a drop of NT$50 (US$1.59), or 3.38 percent, in TSMC’s share price from a week earlier to NT$1,430, as investors took profits from their earlier gains
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