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Taiwan shares rise on TSMC rally

focustaiwan.tw, Sept. 16, 2020 – 

Shares in Taiwan moved sharply higher Wednesday as buying focused on contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) after a strong showing by its American depositary receipts (ADRs) overnight, dealers said.

The gains were capped, however, after the market breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, they said.

The weighted index on the Taiwan Stock Exchange (TWSE), the Taiex, ended up 131.11 points, or 1.02 percent, at 12,976.76, after moving between 12,948.72 and 13,021.68. Turnover was NT$206.33 billion (US$7.07 billion).

The market opened 1.12 percent higher on a surge by TSMC after its ADRs rose 6.65 percent in the U.S. on Tuesday, and the momentum continued to push the Taiex over the 13,000-point mark briefly before falling off in the last half hour of the session, dealers said.

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