TAIPEI (Taiwan News) — Taiwan’s stock market experienced a rally Thursday (Nov. 7) as US markets set new highs following Trump's presidential victory.
Large-cap stocks lifted the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) from its opening low to close at 23,408.82 points, a gain of 191.44 points, or 0.82%. Total turnover reached NT$425 billion (US$13 billion), per CNA.
Taiwan Semiconductor Manufacturing Co. (TSMC) recovered from earlier losses, hitting a high of NT$1,075 and closing at NT$1,065. Foxconn shares also rose, ending the day at NT$217, up NT$3.5.
MediaTek ended the day unchanged at NT$1,305, while Quanta Computer shares rose NT$5. The broader electronics sector gained 0.89%, while the financial sector saw a 0.63% increase.
Economics Minister Kuo Jyh-huei (郭智輝) noted Thursday that US support for Taiwan Semiconductor Manufacturing Co. (TSMC) will not change. The company’s 2-nanometer technology will be produced in the US in the future, while the most advanced and critical technologies will remain in Taiwan.
TSMC's stock price remained unaffected following Trump’s election, analysts said. Market eyes are on the company’s October revenue, scheduled for release on Friday, according to TSMC.
Other Taiwanese companies with US operations, including Yageo, Formosa Plastics, Walsin Technology, Ta Chen Stainless Pipe, and Tyc Brother Industrial, also saw significant gains, closing up more than 3%. US stainless steel distributor Ta Chen Stainless Pipe gained nearly 4%, and automotive component manufacturer Tyc Brother Industrial rose over 4%.
