TSMC lifts bourse to intraday record

‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization

Taipei Times
Date: Jul 29, 2020
By: Staff writer, with CNA

The Taiwan Semiconductor Manufacturing Co headquarters is pictured in Hsinchu yesterday.
Photo: Bloomberg / I-Hwa Cheng

The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index.

The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73.

Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history.

TSMC continued to dictate the market’s direction, as its early surge by the daily maximum 10 percent to NT$466.5 accounted for more than 350 points of the TAIEX’s early gains.

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