Index Rebounds Strongly to Retake 47,000
Taiwan stocks rebounded sharply on the 28th, with the weighted index closing up 939.35 points, or 2.04%, at 47035.58, retaking the 47,000 level, with turnover of 7221.35億元. The OTC index closed up 15.41 points, or 4.06%, at 394.61, with turnover of 1653.57億元, bringing combined listed and OTC turnover to 8874.92億元. The market opened higher then fluctuated intraday, as buying continued to flow in and lifted the market again into the close. Listed stocks saw 903 gainers and 355 decliners, OTC stocks saw 729 gainers and 349 decliners, for a combined total of 1632 gainers. On Tuesday the 27th, U.S. stocks closed higher across major indexes, lifted by returning AI-themed buying and falling international oil prices, fueling the rebound in Taiwan stocks.
Institutional View: Chip Consolidation
倫元投顧 analyst 陳學進 noted that, helped by U.S. AI lab Anthropic filing for an initial public offering and Meta's $25 billion bond issuance drawing subscriptions exceeding 5 times, AI enthusiasm was reignited, while falling international oil prices lifted sentiment. The Philadelphia Semiconductor Index surged over 3.6% and moved above its 10-day moving average, driving the index up more than 900 points intraday at one point. As market confidence remained weak and chase-buying stayed cautious, trading volume is estimated to have shrunk to around 7300億元. Taiwan stocks are supported by national-team and ETF funds, with listed-company margin balances falling by more than 20.9 billion yuan over two consecutive days, foreign-investor selling pressure narrowing to 8.1 billion yuan, and the index quickly moving back above the quarterly moving average, looking more like chip consolidation than a fundamental reversal. AI beneficiaries with fundamental support and good liquidity, including ASIC, AI servers, PCB, CPO/optical communications, power management ICs, thermal solutions, memory, passive components, machine tools, and advanced packaging and automation equipment, rebounded. Whether they can move above the 10-day and monthly moving averages and hold steady is worth watching.
Heavyweight Electronics Lead the Advance
Heavyweight 台積電 rose 25 to close at 2425, up 1.04%, supporting the broader market. Top turnover was focused on electronics stocks, with 聯發科 surging 275 to close at 4235, up 6.94%; 台光電 rising 275 to close at 5025, up 5.79%; and 聯茂 rising 32 to close at 778, up 4.29%. Memory and related groups strengthened, with 南亞科 rising 36 to close at 477, up 8.16%; 南亞 rising 21.5 to close at 319, up 7.23%; and 欣興 rising 40 to close at 1100, up 3.77%. 景碩 jumped 94 to close at 1035, hitting limit-up. 國巨* rose 26 to close at 547, up 4.99%; 健策 jumped 515 to close at 6375, up 8.79%; and 日月光投控 rose 44 to close at 695, up 6.76%, with funds concentrated in electronics heavyweights and the semiconductor supply chain concentrated in 中電 sub-electronics heavyweights and semiconductor supply chain.
U.S. Stocks Help, Watch Chase-High Risk
On international markets, U.S. stocks on Tuesday were lifted by returning AI buying and falling oil prices, with the S&P 500 rising for a second straight trading day, while the Dow Jones was dragged by a sharp drop in Boeing shares and closed up only about 16 points. U.S. Treasury prices moved little, while the U.S. dollar strengthened. 啟發投顧 analyst 容逸燊 noted that after opening higher today, the intraday low appeared at 10:30, showing another rotation, with volume remaining insufficient. The U.S. is showing volatility ahead of the election, the Taiwan dollar has not depreciated further, the CPO group stabilized and strengthened with U.S. stocks, and memory has not made new lows for now. Stronger groups can be watched in early November, and groups that lead ahead of the midterm elections will become the Q4 focus. After a single-day surge of 939 points, short-term chase-high risk has risen. Turnover, 台積電's stabilizing strength, and the continuation of small- and mid-cap gains can be watched ahead. Investors should avoid chasing higher all at once and use staged positioning.