TSMC rally propels Taiwan shares to record high level

Focus Taiwan
Date: 07/27/2020
By: Frances Huang

Taipei, July 27 (CNA) Shares in Taiwan closed at a record high Monday on a strong rally by Taiwan Semiconductor Manufacturing Co. (TSMC) and other chipmakers, dealers said.

With buying focused on tech stocks throughout the session, old economy and financial stocks largely stayed in the doldrums as concerns over political tensions and fears over the COVID-19 pandemic still weighed on sentiment, they said.

The weighted index on the Taiwan Stock Exchange (TWSE), the Taiex, ended up 284.26 points, or 2.31 percent, at 12,588.30, after moving between 12,586.91 and 12,686.36, on turnover of NT$252.40 billion (US$8.59 billion).

The market opened up 2.56 percent as TSMC shares shot up on news that Intel's 7-nanometer technology development was being postponed, which is expected to divert more orders in TSMC's direction, dealers said.    [FULL  STORY]

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