Taiwan shares soar over 1,000 points on U.S. ceasefire with Iran

Taipei, April 8 (CNA) Taiwan shares surged more than 1,000 points Wednesday morning after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, dealers said.

As of 9:58 a.m., the Taiex, the Taiwan Stock Exchange's benchmark index, had gained 1,328.66 points, or 4.00 percent, to 34,558.48.

The sharp rise came after Iran and the U.S. reached a two-week cease-fire agreement that would allow for the reopening of the Strait of Hormuz.

News of the agreement sent international crude oil prices plunging by almost 10 percent in New York, and the Taiex moved sharply higher in line with other major markets in Asia, including Tokyo.

The bellwether electronics sector led the uptrend, up 4.62 percent as of 9:58 a.m.

Contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), which accounts for more than 40 percent of total market value, had risen 4.30 percent to NT$1,940.00, contributing about 640 points to the Taiex's rise.

Among other large cap tech stocks, power management solution provider Delta Electronics Inc., second to TSMC in terms of market value, had jumped 10 percent, the maximum daily increase, to NT$1,665.00.

AI server maker Hon Hai Precision Industry Co. had risen 4.17 percent to NT$200.00.