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🇹🇼 Taiwan /Economy & Trade

45,000 Points Gained and Lost Again! TSMC's Surge Turns Into a Stumble, Index Pulls Back but Closes Up 592 Points

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

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  • Taiwan's stock market experienced volatility, with the main index initially surging but ultimately closing higher due to a late pullback led by TSMC.
  • The market opened strongly, mirroring gains in US tech stocks and other Asian markets, but TSMC's share price decline dragged the broader index down from its peak.
  • Despite TSMC's drop, other major tech stocks like MediaTek and UMC saw significant gains, contributing to the overall market rise.

Taiwan's stock market saw a dramatic intraday reversal on Tuesday, ultimately closing with a gain of 592.91 points, but not before a significant pullback led by the market's bellwether, TSMC.

45,000 points gained and lost again! TSMC's surge turns into a stumble, index pulls back but closes up 592 points.

— Liberty TimesThis quote is a translation of the article's headline, capturing the dramatic intraday price movement and the eventual outcome for the stock index.

The day began with strong optimism, fueled by a rally in US tech stocks, particularly the Philadelphia Semiconductor Index, which surged 5.2%. This positive sentiment spread across Asia, with South Korea's KOSPI briefly soaring over 6% before triggering a circuit breaker, and Japan's Nikkei also opening sharply higher.

The market opened up 280.88 points, at 44513.75 points. Driven by the rise of electronics, finance, and traditional industries, the index opened high and rose higher, gaining 1091 points, returning to 45323.

— Liberty TimesThis quote describes the initial strong performance of the Taiex index at the start of the trading day.

Taiwan's Taiex followed suit, opening up 280.88 points at 44513.75. The index climbed steadily, reaching a high of 45323, a gain of 1091 points, driven by strong performances in electronics, finance, and traditional industries. However, the momentum faltered as TSMC, the world's largest contract chipmaker, began to sell off. Its shares fell from an intraday high of NT$2445 to a low of NT$2385 before closing down NT$10 at NT$2400.

However, after the surge, as TSMC's sell orders were released, its stock price fell from NT$2445 to a low of NT$2385, finally closing down NT$10 at NT$2400.

— Liberty TimesThis quote details the sharp decline of TSMC's stock price from its intraday high, which triggered a broader market pullback.

TSMC's decline significantly impacted the broader market, pulling the Taiex down from its peak. Despite this, the index managed to close higher, with other major technology stocks like MediaTek, which rose NT$180 to NT$3850, and United Microelectronics Corporation (UMC), up NT$4.5 to NT$139, posting solid gains. The total trading volume for the day was NT$982.6 billion.

Dragged down by this, the broader market index also pulled back, finally closing up 592.91 points, at 44825.78 points, with a transaction volume of NT$982.6 billion.

— Liberty TimesThis quote explains the impact of TSMC's fall on the overall market index and provides the final closing figures and trading volume.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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