Taiwan shares surge past 24,000, led by TSMC rally

Taipei, Aug. 7 (CNA) Taiwan shares jumped more than 550 points Thursday to close above the 24,000 mark, led by gains in Taiwan Semiconductor Manufacturing Co. (TSMC) after U.S. President Donald Trump suggested he would impose steep tariffs on imported chips, a move analysts believe would have limited impact on TSMC.

The Taiex, the weighted index on the Taiwan Stock Exchange, ended up 556.41 points, or 2.37 percent, at 24,003.77 -- its highest close so far this year. Turnover totaled NT$452.98 billion (US$15.19 billion).

TSMC rose NT$55, or 4.89 percent, to NT$1,180.00 -- its highest level in 2025 -- after Trump floated the idea of 100 percent tariffs on foreign-made semiconductor chips unless manufacturers move production to the United States. Market watchers said the impact on TSMC would likely be limited, as the company is already investing heavily in a multi-billion-dollar plant in Arizona.

Other major tech stocks also gained. Hon Hai Precision Industry Co., which assembles iPhones and produces AI servers, climbed 4.57 percent to NT$194.50. Quanta Computer Inc., another AI hardware supplier, added 0.17 percent to close at NT$289.00.

Smartphone chip designer MediaTek Inc. rose NT$35 to NT$1,355.00, while GlobalWafers Co., a semiconductor materials provider, hit the daily limit with a 10 percent gain to NT$375.00.

By sector, electronics stocks rose 3.35 percent, while financial stocks edged down 0.64 percent.

Foreign institutional investors bought a net NT$43.24 billion in shares on Thursday, according to data from the Taiwan Stock Exchange.