Taiwan Stock Index Climbs To Record High On Optimism Over AI
TSMC, which has a weighting of around 30% in the Taiex, reported during the holiday that its January sales rose 7.9% from a year ago.
(Bloomberg) -- Taiwan’s benchmark stock index surged to its highest intraday level on record, as expectations of booming demand for artificial intelligence technology drives investor sentiment.
The Taiex jumped as much as 3.5%, surpassing a January 2022 peak, as the market reopened after more than a weeklong Lunar New Year holiday. Taiwan Semiconductor Manufacturing Co. — the nation’s largest stock and the key provider of foundry services for Nvidia Corp. — climbed as much as 9.8% to a record high.
TSMC, which has a weighting of around 30% in the Taiex, reported during the holiday that its January sales rose 7.9% from a year ago. Strong demand for AI chips helped offset continued weakness in consumer electronics products.
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An inflow of cash from international investors has helped push the index to its all-time high. Foreign funds have bought Taiwan stocks on a net basis for three consecutive months through January, the longest streak since 2019.
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