TSMC's ADRs rank No. 6 in market cap globally

Taipei, March 24 (CNA) American depositary receipts of contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) rose sharply overnight to push up market value to the sixth largest in the world, according to the website companiesmarketcap.

The market cap of TSMC's ADRs rose US$9.21 or 2.80 percent to close at US$338.45 on Monday (U.S. time) as tech stocks in the United States staged a significant rebound in line with the broader market after U.S. President Donald Trump delayed strikes on Iran's power plants.

The rebound pushed up the market value of TSMC's ADRs to US$1.75 trillion, placing oil supplier Saudi Aramco sixth, up one notch from a session earlier.

Saudi Aramco fell from sixth to seventh on Monday after its ADRs fell 0.15 percent to push down its market capitalization to US$1.74 trillion on Monday.

In the wake of TSMC's ADR's strong showing, shares of TSMC opened up 2.23 percent to NT$1,850.00 (US$57.81) on the Taiwan Stock Exchange, contributing about 320 points to the benchmark Taiex's initial gains on Tuesday after Trump's move.

The opening surge helped TSMC's market cap recover to NT$47.97 trillion in Taiwan before the stock saw some profit-taking. Growth in its share price was eroded by profit taking to close unchanged at NT$1,810.00.

Caution toward TSMC's share price movement remained in place as crude oil prices bounced back, indicating lingering Middle East war-linked uncertainties, while the market stayed upbeat about its business outlook during the current AI era, dealers said.

TSMC shares, which account for over 40 percent of total market value, had fallen 9.27 percent on sell-off by foreign institutional investors since the United States and Israel attacked Iran at the end of February, while the Taiex had lost 7.91 percent during the same period.