TSMC’s $35 Billion Rally Puts Taiwan Stock Index Above 1990 Peak

published 27.07.2020 03:51

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But with a global rush into tech shares pushing the Nasdaq Composite Index to a record this month, overseas investors sent more than $850 million into Taiwan’s tech-heavy stock market.

The latest boost to TSMC’s shares, which were already up 17% for the year before Monday, came after Intel Corp. warned last week that its 7-nanometer chips are behind schedule and it may outsource their production.

The chip producer for the likes of Apple Inc. wields so much influence over Taiwan’s 921-member stock benchmark that without it, the Taiex would be down about 2% this year versus its 5% gain.

Photographer: Maurice Tsai/Bloomberg Photographer: Maurice Tsai/Bloomberg Taiwan’s equity benchmark broke a record that stood for three decades, helped by the biggest surge in years for the economy’s biggest stock.

Listed companies saw sales rise 6% in June from a year earlier, the strongest growth since October 2018, the Taiwan Stock Exchange said July 13.

by Wu from bloomberg.com

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