Taiwan Stocks Surge Over 330 Points Despite Wall Street Sell-Off; TSMC Rebounds to NT$2,455 Taiwan's stock market staged a strong rebound on Wednesday, defying a sharp sell-off on Wall Street where the Philadelphia Semiconductor Index plummeted over 4.6% amid concerns about overvalued AI stocks. The Taiex index surged more than 330 points, peaking at 45,814.66, as major electronics and financial stocks rallied. Taiwan Semiconductor Manufacturing Co. (TSMC) led the recovery, rising NT$15 to NT$2,455, while companies like Hon Hai, MediaTek, Delta Electronics, and Yageo also advanced. Financial giants such as Fubon Financial and Cathay Financial contributed to the upward momentum, reflecting resilience in the market despite global headwinds. The rally followed a broader sell-off on Wall Street on Tuesday, July 7, where the Philadelphia Semiconductor Index dropped 4.65% to 12,300.52, driven by fears of stretched valuations in AI-related stocks. However, Taiwan's market demonstrated strength on Wednesday, with the Taiex recovering lost ground after the opening bell. The index reached an intraday high of 45,814.66, surpassing the 45,800-point level. TSMC, often seen as a bellwether for the sector, opened at NT$2,445 and climbed to NT$2,455, reinforcing bullish sentiment. U.S. stock indices closed lower on July 7, with the Dow Jones Industrial Average falling 130.76 points to 52,925.15, the S&P 500 dropping 33.58 points to 7,503.85, and the Nasdaq Composite declining 302.47 points to 25,818.69. The Philadelphia Semiconductor Index fell 599.62 points, a 4.65% decline, exacerbating concerns about tech sector overvaluation.#taiwan_semi_conductor_manufacturing_co #taiwan_stock_market #taiex_index #taiwan_semi_conductor_manufacturing_co_stock #philadelphia_semi_index
