Taiwan shares surge 844 points, post fifth-largest daily gain

Taipei, March 5 (CNA) Shares in Taiwan rebounded sharply Thursday, with the benchmark index closing up 844.06 points, the fifth-largest single-day gain on record, as bargain hunters returned after reports the United States and Iran could enter negotiations eased geopolitical concerns.

The Taiex, the weighted index on the Taiwan Stock Exchange (TWSE), ended at 33,672.94 after surging 1,490.8 points earlier in the session -- the second-largest intraday gain in history -- trailing only the 1,608-point increase recorded on April 10, 2025.

Turnover shrank to NT$760.39 billion (US$23.99 billion) from NT$1.033 trillion a day earlier.

The index closed above its 20-day moving average of 33,186 and briefly approached the 34,000-point mark but failed to remain above that level.

The electronics sector rose 3.01 percent, while the financial sub-index gained 1.06 percent. Shares on the over-the-counter market, which tracks smaller firms, jumped 3.54 percent.

Among major technology stocks, chipmaker Taiwan Semiconductor Manufacturing Co., which accounts for more than 40 percent of the market's total value, rose 1.88 percent to close at NT$1,900 after earlier climbing to NT$1,960. The company's market capitalization stood at about NT$49.27 trillion.

Other large-cap tech firms also advanced. Delta Electronics Inc. gained 6.37 percent to close at NT$1,335, while MediaTek Inc. rose 3.2 percent to NT$1,775. Hon Hai Precision Industry Co. climbed 3.23 percent to NT$224, and ASE Technology Holding Co. jumped 7.94 percent to NT$353.5.

Memory-related stocks staged a strong rebound as well, with Nanya Technology Corp. and Macronix International Co. both hitting their daily limit to close at NT$257.5 and NT$107.5, respectively. Shares in Winbond Electronics Corp. rose 7.69 percent to end at NT$112, while Powerchip Semiconductor Manufacturing Corp. gained 4.89 percent to close at NT$64.4.

Shipping stocks moved in the opposite direction. Evergreen Marine Corp. fell 0.72 percent to NT$208, Wan Hai Lines Ltd. dropped 3.44 percent to NT$78.7, and Yang Ming Marine Transport Corp. declined 5.66 percent to NT$60.

Meanwhile, foreign institutional investors were net sellers of NT$51.495 billion in shares Thursday, according to the TWSE.

Wei Yung-hsiang (魏永祥), a fund manager at Taishin Securities Investment Trust Co., said reports of possible negotiations between Washington and Tehran triggered a strong rebound early in the session, though gains later narrowed.

Wei said investors will continue to monitor developments in the Middle East, including the situation in the Strait of Hormuz, while the long-term growth outlook for Taiwan's artificial intelligence supply chain remains intact despite potential technical corrections.