TAIPEI (Taiwan News) — The Taiwan Stock Exchange (TAIEX) Index on Thursday (Feb. 15) roared into the Year of the Dragon by hitting a record high of over 18,700 in early trading.

On the first day of trading since the start of a weeklong Lunar New Year hiatus, Taiwan's stocks were buoyed by a strong rebound of Taiwan Semiconductor Manufacturing Co. (TSMC) stock of 9.7% to a new high of NT$709 per share, reported CNA. The TAIEX's main index shot up by 629 points in the morning session reaching a peak of 18,725, setting a new record intraday high. The previous record was 18,619.61 points set on Jan. 5, 2022.

The momentum later tapered off, and the index fluctuated around the 18,600 point level, before closing at 18,644. Much of the momentum was driven by trends with AI-related stocks and high-priced stocks during the session.

During the Taiwan stock market's holiday break, the Dow Jones Industrial Average experienced a decline, but the PHLX Semiconductor Sector Index surged by over 5%, and the American Depositary Receipts (ADRs) of TSMC also rose by more than 11%. These developments prompted the Taiwanese stock market to open sharply up, with significant momentum to make up for previous declines.

Weighted stocks showed a broad rally on Thursday, with TSMC exhibiting strong upward momentum. TSMC's upward trend later showed some consolidation, but it maintained an approximately 8% gain, closing at NT$697, with a trading volume of 73,000 shares.

TSMC's surge alone accounted for an increase of over 530 points in the TAIEX. AI-related stocks were strong, with Gigabyte Technology rising by more than 9%, Wistron increasing by more than 4%, Quanta Group growing by more than 4%, and Elite Material Co. climbing by more than 8%, while Gold Circuit Electronics and Tripod Technology hit their daily price limits.

High-priced stocks also surged with Alchip rising more than 7% and ASPEED Technology increasing by more than 2%, while eMemory, ASMedia Technology, and M31 Technology all rose by about 4%. King Slide Works reached its daily limit and Lotes rose by more than 1.6%.