TAIPEI (Taiwan News) — Taiwan's stock market reached a historic milestone on Monday as TSMC shares rose to a record high.

At 9:38 a.m., the Taiwan Capitalization Weighted Stock Index, or TAIEX, surpassed the 30,000 mark for the first time when it reached a high of 30,111.79 points, per CNA. This was an increase of 761.98 points from Friday's close.

TSMC climbed as much as NT$85 (US$2.70), or 5.36%, to a record NT$1,670 in early trading. Other major electronics index stocks also rose, with Foxconn up 1%, and Delta Electronics, MediaTek, and Winbond Electronics each gaining around 3%. 

US stocks closed mixed on Friday, with the Dow Jones Industrial Average rising 0.66% and the Nasdaq Composite falling 0.03%. Analysts attributed TSMC's surge on Monday to foreign investors raising their target price for the company, per UDN.

Attention is now focused on TSMC’s investor conference scheduled for Jan. 15. Analysts also pointed out that Taiwan’s stock market typically attracts strong interest in January, and the Consumer Electronics Show from Jan. 6 to 9 is expected to support related stocks.