Taiwan stocks open sharply higher as MediaTek hits limit-up
Translated from Chinese and summarized by DistantNews. Read the original for the full story.
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- Taiwan stocks opened higher, with the benchmark gaining 48.64 points to 46,404.68 and later rising more than 500 points above 46,600.
- MediaTek reached its daily price limit, while gains spread across chip design, silicon intellectual property, ABF substrates, optoelectronics, passive components, traditional industries and financial stocks.
- Most major U.S. indexes closed lower after renewed U.S.-Iran attacks pushed up oil prices and heightened inflation concerns, while the Philadelphia Semiconductor Index rose 0.57%.
MediaTek powered Taiwan’s stock market higher at the open, hitting its daily trading limit and helping the benchmark index climb more than 500 points to above 46,600.
The index opened up 48.64 points at 46,404.68. Buying spread through chip design, silicon intellectual property, ABF substrates, optoelectronics and passive components. Cement, textiles, plastics and financial shares also moved higher as the market strengthened after the opening.
The gains came despite a weaker session on most of Wall Street. The Dow Jones Industrial Average fell 374.09 points, or 0.70%, to 53,185.90. The S&P 500 dropped 25.62 points, or 0.33%, to 7,686.14, while the Nasdaq declined 31.53 points, or 0.12%, to 26,370.89.
The Philadelphia Semiconductor Index moved in the opposite direction, rising 65.39 points, or 0.57%, to 11,535.05. Renewed attacks between the United States and Iran after roughly a month had pushed up international oil prices, raising investor concerns that a worsening Middle East conflict could add to inflationary pressure.
About this summary
Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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