TSMC-Led Rally Reclaims 44000 Level
Taiwan stocks moved higher in volatile trading led by TSMC today, closing up 1545.23 points in the sixth-largest closing gain in Taiwan stock history, ending at the day's high of 44257.15 points and reclaiming the 43000-point and 44000-point levels in one move, with turnover of 8491.65 billion New Taiwan dollars. Taiwan stocks rebounded for 3 consecutive trading days this week, rising a combined 4555.51 points and sharply recovering earlier losses.
Strong US Tech Earnings Spark Rebound in Asian Tech Stocks
US emerging cloud services provider CoreWeave reported better-than-expected earnings after the market closed on Tuesday and forecast a return to profitability by 2028, sending its shares sharply higher after hours and sparking a rebound in Asian technology stocks today. TSMC (2330) reported record October revenue, third-quarter profit and dividends yesterday, and its shares opened higher and moved higher today, closing up 110 New Taiwan dollars or 4.81% at a high of 2395 New Taiwan dollars, contributing more than half of the broader market's gains and serving as the core driver of the rally.
Heavyweight, High-Priced Stocks and Glass Fiber Cloth Stocks Gain Together
Among other major heavyweights, MediaTek (2454) closed up 160 New Taiwan dollars or 4.18% at 3990 New Taiwan dollars; Hon Hai (2317) turned positive in late trading, edging up 0.5 New Taiwan dollars to close at 242 New Taiwan dollars; Delta Electronics (2308) rose 20 New Taiwan dollars or 1.57% to close at 1295 New Taiwan dollars. High-priced stocks rebounded strongly today, with Global Unichip (3443), MPI (6223), WinWay Technology (6515), CHPT (6510), Hantest (7856), Auden Techno (3491) and Innovative Services (7828) hitting the daily limit-up, while stock king ASPEED (5274) surged 620 New Taiwan dollars or 5.19% to close at 12555 New Taiwan dollars, moving back above its 5-day moving average, with the number of stocks priced above 1000 New Taiwan dollars rising to 42. The glass fiber cloth group performed strongly, as Taiwan Glass (1802) announced October revenue beating market expectations and received analyst upgrades, with its shares hitting the daily limit-up at 76.7 New Taiwan dollars, while Fulltech Fiber (1815) also hit the daily limit-up at 140.5 New Taiwan dollars.
Analyst: Correction Wave Paused for Now
Senior analyst Tsai Ming-han said Taiwan stocks corrected with US technology stocks in October, while fundamentals showed little change and what changed was market sentiment. The October pullback had two features: first, good news failed to lift stocks, as TSMC reported strong earnings but could not rally; second, bad news triggered broad全面 selloffs, as Intel's fourth-quarter guidance miss caused a broad market plunge. He observed that market sentiment reversed this week, as the extramarital affair involving Nvidia (NVIDIA) CEO Jensen Huang, allegedly involving suspected espionage issues, was more serious than Intel's earnings report but did not spread to a broad plunge in other semiconductor or AI technology stocks; in addition, TSMC reported strong October revenue and its shares immediately surged in response today, and he believes the correction wave in Taiwan stocks since October has paused for now.