Taiwan Stocks Soar Over 670 Points on Strong Earnings Expectations
Taiwan's stock market started the week on a high note, surging over 670 points in early trading and reclaiming the 47,000-point threshold for the first time in two months. The TAIEX index reached an intraday high of 47,225.59 points, driven by heavyweight stocks such as Taiwan Semiconductor Manufacturing (TSMC).
TSMC opened at NT$2,435, up NT$25, and rose to a high of NT$2,440 during the session, with analysts citing Apple's peak season for new iPhone component orders and expectations for TSMC's upcoming August revenue report as key drivers. Other heavyweight stocks such as MediaTek, Delta Electronics, ASE Technology Holding, and United Microelectronics also rallied broadly.
Despite a strong start to the week, market sentiment remains cautious ahead of the Federal Reserve's rate decision, with analysts advising investors to remain prudent about chasing prices. The broader index may break to new highs after consolidation, but trading volume remains the key indicator to watch for Taiwan's market.