TSMC helps power Taiwan's stock index to record high

February 15, 2024 / 11:05 AM
Sharjah24 – AFP: Taiwan's stock index hit a record high Thursday, fuelled by a surge in tech titan TSMC after it reported strong sales that lifted optimism for the sector and demand for chips used for artificial intelligence.
The Taiex jumped as much as 3.5 percent at the opening, surpassing a January 2022 peak, as traders returned from their Lunar New Year holiday.

Market-heavyweight Taiwan Semiconductor Manufacturing Company spiked as much as 9.8 percent in the morning session -- the biggest intraday rise since summer 2020, according to Bloomberg News.

It later pared the gains to sit around eight percent higher.

The gains were driven by earnings earlier this month showing a 7.9 percent on-year increase in January revenues.

TSMC is a key producer of tiny microchips that have been the lifeblood of the global economy, powering everything from coffee machines to missiles.

The firm counts Apple and Nvidia as clients, and controls more than half the world's output of the silicon wafers.

It is also Taiwan's largest stock, accounting for around 30 percent of the Taiex.

February 15, 2024 / 11:05 AM

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