Early Session Surges Over 1,000 Points to Retake 43,000
Taipei stocks on the 10th extended their rebound momentum. Boosted by across-the-board gains in the four major U.S. indexes, the National Stabilization Fund's authorization to enter the market to support prices as conditions warrant, and the Financial Supervisory Commission's short-selling restrictions taking effect, early buying momentum continued to build, with gains widening after the open and the benchmark index briefly standing back above the 43,000 mark. Large electronics heavyweights became a key force lifting the market and revived sentiment, with the five major electronics heavyweights rising together at the open.
Delta Electronics Posts 2nd Straight Limit-Up, ASE Locks Limit-Up
Among heavyweights, Delta Electronics (2308) opened at the 1,275 limit-up price, locking limit-up again after hitting limit-up in the previous session, for a second consecutive limit-up day. ASE Technology Holding (3711) also hit the 617 limit-up price intraday, up 56, or 9.98%. MediaTek (2454) was quoted at 4,030 as of 9:40 a.m., up 305, or 8.19%, up over 8%.
TSMC (2330) was quoted at 2,270, up 35, or 1.57%. Hon Hai (2317) opened at 244, up 5 from the previous close. By the Taiwan Stock Exchange's latest market capitalization, TSMC ranked first at 57,958.8 billion, followed by MediaTek at 5,978.4 billion, Hon Hai at 3,364.1 billion, Delta Electronics at 3,013.1 billion, and ASE Technology Holding at 2,517.8 billion.
Policy Support and Short-Selling Curbs Follow Prior Day's 1,960-Point Surge
In the prior session, the Taiex closed on the 9th at 41,661.70, up 1,960.06 points, or 4.93%. TSMC, MediaTek, Delta Electronics and ASE Technology Holding and other large electronics stocks advanced together, with a clear rebound after consecutive sharp declines, a momentum carried into the 10th.
On the policy front, the National Stabilization Fund held its 131st extraordinary committee meeting on November 6, resolving to authorize its executive secretary to deploy funds to stabilize the market as conditions warrant, the 10th time since its establishment it has been authorized to enter the market. The Financial Supervisory Commission has implemented five market-stabilizing measures from November 9, including cutting the intraday cap on borrowed-share sales orders from 30% of the average daily trading volume over the prior 30 business days to 3%, and raising the minimum margin requirement for listed securities short sales from 90% to 130%.