TSMC top pick on stabilization fund list to support market

Focus Taiwan
Date: 01/13/2021
By: Wu Chia-jung and Frances Huang

CNA file photo

Taipei, Jan. 13 (CNA) Contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) was the top pick on the investment list of the National Stabilization Fund, as the fund entered the local equity market in its latest efforts to prop up the market, the fund's committee said Wednesday.

According to the committee, the stabilization fund injected a total of NT$757 million (US$266 million) during the period between March 20 and Oct. 12 in 2020 to reinforce investor confidence in a market in turmoil over the COVID-19 pandemic.

During the period, the fund spent NT$168 million on shares of TSMC, the most heavily weighted stock in the local market, accounting for more than 22 percent of the total investment, making the chipmaker the top investment on the list, the committee said.

The investment in TSMC led to the fund raking in NT$121 million in net profit, plus NT$3.25 million in cash dividends issued by the chipmaker, which represented a return of more than 70 percent.    [FULL  STORY]

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