TAIPEI (TVBS News) — Taiwan's stock market opened sharply higher on Tuesday (Dec. 12), climbing over 100 points to hit a new high for the year of 17,528 points, breaching the 17,500 mark, after the U.S. stocks ticked up on Monday.
The Taiwan Stock Exchange Weighted Index (TAIEX) had risen by 78.65 points, reaching 17,496.99 points, with a trading volume of NT＄36.387 billion as of 9:06 a.m.
Leading the gainers in the early trading session, Taiwan Semiconductor Manufacturing Co. (TSMC) saw its share price increase by NT＄7 to NT＄581, while Largan Precision escalated by NT＄40 to NT＄2,380 and Foxconn hovered around NT＄101.
As the market is entering a central bank super week this week, banks in the U.S. and Europe are set to announce their final rate decisions for the year.
A day earlier, Taiwan's Financial Supervisory Commission (FSC) chairman Huang Tien-mu affirmed the government's commitment to 'stabilizing the capital market.'
Huang also emphasized the resilience of Taiwan's stock market, noting that regardless of whether the Federal Reserve (Fed) opts for an interest rate hike or cut, there will be related measured approaches.
The chairman assured that with adequate preparation in all aspects of the capital market, the FSC could manage the impact of the Fed's decisions.