TAIPEI (Taiwan News) — Taiwan’s stock market index recorded its largest single-day surge in history Tuesday (May 18), jumping 792.09 points, or 5.16 percent, despite a grave COVID-19 situation and two power blackouts in one week.

The move also took the Taiex back above the psychological threshold of 16,000 points, seeing it close at 16145,98 points, CNA reported. Turnover on Tuesday’s market reached NT$410.2 billion (US$14.67 billion).

As domestic coronavirus outbreaks grew more serious, especially in the densely populated north, the market index dove 2,500 points from its peak of 17,709. Enthusiastic buying by foreign investors and the news that the United States will help provide vaccines to other countries were the driving factors behind the one-day surge, analysts said.

IC design companies, shipping, financial holdings, and the iron and steel sector were among the strongest performers, with shares of paper manufacturers rising an average of 8 percent.