Taiwan stocks surge over 500 points, hitting new high of 37344 intraday

(CNA reporter Wu Chia-hao, Taipei, 20th) The Taiwan stock market showed strong bullish momentum today, with tech heavyweights leading the recovery of market confidence. The index gapped up and surged, touching an intraday high of 37344.50 points, rocketing by 540 points and rewriting historical highs.

As of 11:04 AM, the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) reached 37286.75 points, up 482.41 points or 1.31%, with a turnover of NT$591.383 billion. The electronics index rose by 1.66%, and the financial index increased by 0.2%.

Some traditional industry sectors appeared relatively lagging in today's massive rally, with the plastics and construction indices falling more than 1%, the steel index dropping 0.74%, and the shipping index declining by 0.36%.

Heavyweight stock TSMC opened flat at NT$2030 and trended upwards, touching a high of NT$2055, up NT$25 or 1.23%, injecting a shot of confidence into the broader market. Delta Electronics soared to a new high of NT$1980, surging 7.6%, playing the second leading role in the offensive and driving green energy and power management stocks higher.

UMC confirmed that it will raise wafer foundry prices in the second half of the year. Its stock price headed straight for NT$80.2 intraday, approaching the upper limit, attracting funds into mature-node and related semiconductor stocks.

A US foreign brokerage raised its target price for the artificial intelligence (AI) server liquid cooling sector. Jentech hit the daily limit at NT$5020, while AVC, Nidec Chaun-Choung, and Taisol rose more than 3% intraday. (Editor: Chang Chun-mao) 1150420