Taiwanese shares closed higher yesterday as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a record high on reports that the contract chipmaker would raise prices for its advanced chips, even as China staged military exercises near the nation.
The TAIEX ended up 254.87 points, or 0.89 percent, at 28,810.89. Turnover on the local main board totaled NT$439.098 billion (US$13.96 billion), Taiwan Stock Exchange data showed.
The Chinese military moved army, naval, air force and artillery units around Taiwan for its “Justice Mission 2025” drills, while Taiwan placed its forces on alert and called the Beijing government “the biggest destroyer of peace.”
Photo: CNA
TSMC benefited from optimism over its sales prospects after local media reported that the chipmaker would raise prices for its high-end chips starting next year, due to tight global supply. The stock rose 1.32 percent to close at a record NT$1,530.
“If speculation about price hikes proves true, TSMC will likely continue to post strong sales growth next year, so investors should watch its guidance closely,” Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺) said.
TSMC is scheduled to hold an investor conference on Jan. 15 to provide guidance for next year. The company has forecast that its sales for this year would grow nearly 35 percent in US dollar terms.
“As market liquidity remains ample, the TAIEX is likely to challenge the 29,000-point level by the end of the year,” Huang said.
Meanwhile, the Hang Seng Index in Hong Kong gave up early gains, falling 0.7 percent to 25,637.69, while the Shanghai Composite Index remained virtually unchanged at 3,965.28.
Tokyo’s Nikkei 225 index slipped 0.4 percent to 50,526.92.
In South Korea, the KOSPI jumped 2.2 percent to 4,220.56, less than 2 points away from its record high early last month, but on pace for its best year since 1999. A 6.8 percent jump in SK Hynix Inc due to a regulatory change that lifted an investment warning for its stock helped boost the benchmark. Samsung Electronics Co also advanced 2.1 percent.
Australia’s S&P/ASX 200 gave up 0.4 percent to 8,725.70.
Meanwhile, gold dropped 1.1 percent to US$4,484 an ounce, but stayed on track for its biggest annual gain since 1979, with a rise of more than 70 percent. Silver climbed above the US$80 mark per ounce for the first time in volatile trading before dropping back to US$76.14.
Saxo Markets chief investment strategist Charu Chanana said precious metals have been lifted this year by a mix of rate cut tailwinds, and hedging against geopolitical and fiscal uncertainty.
Three-month copper on the London Metal Exchange was 3.27 percent higher at US$12,560 per tonne, having set a record high of US$12,960 earlier yesterday.
Additional reporting by AP and Reuters
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