TAIPEI (Taiwan News) — Taiwan's stock market opened higher Monday and rose throughout the day, driven by TSMC’s record stock price ahead of the Consumer Electronics Show opening Tuesday in Las Vegas.
The Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) closed up 639.41 points at 23275.68, compared to a gain of 76.24 points last Friday. Turnover totaled NT$406.48 billion (US$12.4 billion), per CNA.
CES highlights the latest advancements in consumer electronics, featuring cutting-edge gadgets, smart devices, next-generation vehicles, and robotics. As the only trade show encompassing the entire tech landscape, it is expected to draw nearly 150,000 attendees and showcase over 4,500 exhibitors this year, according to CES.
Electronics stocks rose 3.42%, led by TSMC, which surged NT$50 (US$1.50) to a record NT$1,125. The rally comes amid positive sentiment ahead of its Jan. 16 investor conference.
TSMC's American depositary receipt jumped US$11.40 to close at US$220.01, also marking a record high. ADRs are certificates issued by US banks that represent shares of foreign companies, enabling US investors to invest in international companies that may not be directly accessible.
Foxconn climbed NT$3.5 to close at NT$184.5. MediaTek gained NT$60 to finish at NT$1,425.
Augmented reality glasses concept stocks, fueled by Nvidia CEO Jensen Huang's (黃仁勳) anticipated CES keynote, were popular among investors, with Megaforce, C-Media Electronics, and Taimai Tech hitting their daily trading limits.
AR technology overlays virtual objects onto real-world scenes captured by a camera, using recognition technology to integrate and interact with both. This allows users to view the real world and virtual content simultaneously, creating a blended experience, according to arplanet.
Robotics-related stocks saw gains, with Yuan High-Tech Development rising by 9.61%, Asia Optical up by 5.67%, and TBI Motion increasing by 4.69%. Drone-related stocks also performed strongly, with Anji Technology reaching its daily limit at NT$37.4, while HwaCom Systems rose 6.94%, and Inpaq Technology climbed 2.1%.
Taiwan's stock market has fluctuated since the start of the year, but CTBC Investments predicts a positive rebound driven by AI developments, TSMC's leadership, and an approaching peak season for investor conferences, per CNA.
Major investor conferences are set to take place, including those for TSMC, Largan Precision, and Delta Electronics. Market expectations suggest TSMC's earnings per share for the fourth quarter of 2024 will hit a record high, with revenue in the first quarter of 2025 potentially achieving double-digit growth.