TAIPEI (TVBS News) — Taiwan's stock market surged on Wednesday (Aug. 7), opening at 20,638.28 points, up 137.26 points. The Taiwan Semiconductor Manufacturing Company Limited (台積電) led the rally, pushing the index to a high of 21,267.11 points, an increase of 766.09 points. By 10:45 a.m., the index was up 720.45 points or 3.51%, making it the strongest performer among Asian stocks.
TSMC opened at NT$901 per share, successfully breaking the NT$900 barrier. With strong buying interest, the stock reached an intraday high of NT$917, up NT$37. By 10:45 a.m., TSMC was trading at NT$911, up NT$31 or 3.52%, reclaiming its five-day moving average. The company's market capitalization rose back above NT$23 trillion, reaching NT$23.73 trillion.
The rally in Taiwan's stock market followed a robust performance in U.S. markets a day earlier, where all four major indices closed higher. A rebound in tech stocks boosted TSMC's ADR by 5.03%, closing at $155.39 per share.
U.S. markets saw a significant rebound, with funds flowing into tech stocks on Tuesday. The Dow Jones Industrial Average rose 294.39 points or 0.76%, closing at 38,997.66 points. The Nasdaq Composite Index increased by 166.77 points or 1.03%, ending at 16,366.85 points. The S&P 500 Index climbed 53.7 points or 1.04%, closing at 5,240.03 points. The Philadelphia Semiconductor Index gained 48.12 points or 1.06%, closing at 4,567.57 points.
