TSMC ADR surges, Taiwan Futures night session rises; Taiwan stocks aim to reclaim 47,000 points

(CNA, Reporter: Chung Jung-feng, Taipei, July 7) US stocks rose, with the Dow Jones Industrial Average breaking 53,000 points for the first time. The Philadelphia Semiconductor Index gained 2.17%, TSMC ADR surged 4.06%, and Taiwan Futures night session closed up 466 points at 47,340 points. TSMC futures night session closed at 2,505 points, up 25 points. Analysts expect the Taiwan stock market to challenge the 47,000-point level today.

US tech stocks advanced. The Dow Jones Industrial Average closed above the 53,000-point mark for the first time, ending at 53,055.91 points, up 155.84 points or 0.29%. The S&P 500 Index rose 54.19 points or 0.72%, closing at 7,537.43 points.

The Nasdaq Composite Index gained 288.49 points or 1.12%, closing at 26,121.16 points. The Philadelphia Semiconductor Index surged 273.92 points or 2.17%, closing at 12,900.14 points.

Taiwan Semiconductor Manufacturing Company (TSMC) American Depositary Receipts (ADR) rose 4.06% to close at $451.79. Advanced Micro Devices (AMD) gained 6.61% to $552.05. Micron Technology gained 0.94% to $984.75. NVIDIA gained 0.37% to $195.55.

The Taiwan stock market experienced volatility on July 6th, fluctuating over 900 points. The weighted index closed at 46,556.39 points, down 224.23 points, with a turnover of NT$1.01966 trillion. The three major institutional investors collectively sold NT$28.318 billion, with proprietary traders selling NT$9.72 billion, investment trusts buying NT$6.907 billion, and foreign and mainland Chinese investors selling NT$25.504 billion. According to statistics, foreign investors sold for the third consecutive day, while investment trusts bought for the tenth consecutive day.

Regarding Taiwan Futures net positions, the three major institutional investors reduced their net short positions by 605 contracts to 10,163 contracts on July 6th, with foreign investors reducing their net short positions by 965 contracts to 80,870 contracts.

Futures analysts pointed out that the Taiwan stock market saw nearly 1,000 points of fluctuation on July 6th, with profit-taking and high-level adjustments leading to selling pressure. Electronic heavyweight stocks and high-priced stocks faced heavy selling, leading to a reshuffle of high-level chips and a sharp increase in short-term volatility. The market awaits a halt in the decline of high-priced stocks and stabilization of the New Taiwan Dollar exchange rate.

Both stocks and the currency weakened simultaneously. The New Taiwan Dollar broke the 32-yuan mark against the US Dollar on July 6th, closing at 32.025 yuan, down 9.5 cents. The exchange rate has fallen for four consecutive days and reached a more than three-month low. (Editor: Yang Lan-hsuan) 1150707

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