Taiwan's Stocks Surge After Lunar New Year Break
Taiwan's stock exchange saw a very strong return as trading resumed following the Lunar New Year holiday.
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00:00 In the first day of trading in the year of the dragon, Taiwan's stock exchange has come out swinging.
00:05 The TAIX, the index which tracks the performance of Taiwan's stock exchange,
00:09 hit a record 18,725 points just one minute into trading.
00:15 But that benchmark was short-lived as trading continued.
00:18 But the TAIX still closed at 18,644 points, which is a gain of 3% and a record close.
00:26 Earlier we spoke with economist Gary Ng who says that Taiwan's stock exchange is playing catch up with global tech trends
00:32 after it suspended trading over the Lunar New Year holiday.
00:36 I do think that this boom may not be so related to the holiday itself.
00:42 It's really about when Taiwan has the Lunar New Year holiday.
00:46 It happened that the US has seen a very strong boom in terms of the tech sector, which affects Taiwan.
00:53 One of the biggest performing stocks today is that of Taiwan's semiconductor manufacturing companies.
00:59 That stock opened up nearly 10%, briefly bringing the company's market cap to a record high of US$572 billion.
01:08 Now, TSMC is one of Taiwan's most closely monitored companies because of the pivotal role it plays in the global economy.
01:15 Gary says that typically when TSMC does well, Taiwan does well.
01:19 If TSMC does well, then you're talking about the whole supply chain and all these players that supply goods to TSMC will also perform well as well.
01:30 So we can pretty much say that it's pretty much a TSMC different market in Taiwan.
01:37 And Gary added that with Taiwan's market so closely tied to global tech trends,
01:41 recent developments in areas like AI spells gains for Taiwan's stock trade as a whole.
01:47 Kama Hsu and Leslie Liao in Taipei for Taiwan Plus.
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