TAIPEI (Taiwan News) — The Taiwan stock market closed strong Friday (Nov. 8), with the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) gaining 773.81 points for the week.

The TAIEX reached a peak near 23,700 points, driven by TSMC. Total trading volume reached almost NT$422 billion (US$13 billion), per CNA.

TSMC's stock price climbed NT$25 to NT$1,090 following the release of its October revenue report, pushing its market capitalization to NT$2.8 trillion. Its October revenue hit a record high of NT$314 billion, a 24.8% month-on-month increase and a 29.2% year-on-year increase.

The company's American Depositary Receipt (ADR) gained US$7.97 Thursday (Nov. 7), closing at US$201.19. ADRs are certificates issued by a US bank that represent shares of a foreign company, known as American Depositary Shares (ADS).

Other tech giants, including Foxconn, Quanta Computer, and Asus, also contributed to the market’s positive performance. The electronics sector rose 0.97%.

However, traditional industries such as plastics and petrochemicals, faced a downturn. Formosa Plastics, Nan Ya Plastics, and Formosa Chemicals & Fibre saw their stock prices fall by over 1% due to a cautious outlook for the fourth quarter.

Shares in the cable, glass, rubber, and tourism sectors declined. Their respective indices fell by more than 1%.

The shipping sector remained strong, with its sector index rising 0.87%. The three major Taiwanese shipping companies expressed optimism about the outlook next year, anticipating favorable long-term contract rates for US and European routes, according to Business Weekly.