Taipei: Shares in Taiwan saw an uptick on Monday, driven primarily by the performance of Taiwan Semiconductor Manufacturing Co. (TSMC), which hit the NT$1,000.00 (US$33.38) mark for the first time in three months. The Taiex, Taiwan's weighted index on the Taiwan Stock Exchange (TWSE), closed up 129.63 points, or 0.60 percent, reaching 21,790.29, with a total turnover of NT$300.04 billion.
According to Focus Taiwan, the electronics sector's positive performance was influenced by a rally in U.S. tech stocks late last week, spurred by better-than-expected May jobs data. This alleviated concerns regarding the effects of tariffs imposed by the Trump administration. The electronics index rose by 0.75 percent, led by TSMC, which gained 1.01 percent to close at NT$1,005.00, marking its first finish above NT$1,000 since March 7. TSMC's performance contributed approximately 80 points to the Taiex's rise.
Market analysts, including Kerry Huang from Concord Securities, noted that while focus was on TSMC, other semiconductor and tech stocks displayed mixed results. Investors are closely monitoring the expiration of the 90-day pause on U.S. reciprocal tariffs due in early July. Among semiconductor stocks, MediaTek Inc. saw a slight rise, while Nanya Technology Holding Co. and Alchip Technologies Inc. experienced declines.
In the broader tech sector, Hon Hai Precision Industry Co. posted gains, whereas Quanta Computer Inc. remained unchanged. The financial sector also buoyed the market, supported by dividend payouts, with notable performances from Cathay Financial Holding Co. and CTBC Financial Holding Co.
Taiwan Glass Industry Corp. led gains in the old economy sector, closing 10 percent higher following a price hike in glass fiber by Japan's Nittobo. However, textile brands showed mixed results with Far Eastern New Century Corp. declining and Makalot Industrial Co. experiencing gains.
Despite the positive movements, the Taiex remains below the 21,999-point level, the 120-day moving average, and continues to trail U.S. markets. Concerns about the strengthening Taiwan dollar and its potential impact on local exporters persist among investors. The Taiwan Stock Exchange reported that foreign institutional investors were net sellers, offloading shares worth NT$69.10 million, even as the Taiex closed higher.