TAIPEI (TVBS News) — Taiwan's stock market opened slightly up on Thursday (Jan. 4), with Taiwan Semiconductor Manufacturing Co. (TSMC) taking the lead and expecting an over 20% annual increase in revenue.
Stabilizing its stock price, TSMC opened at NT$580, up NT$2. This raised the company's market capitalization to NT$15.03 trillion.
In contrast, all four major U.S. indices, including the Dow Jones dropping 284.85 points or 0.76%, the NASDAQ falling 173.73 points or 1.18%, and the S&P 500 decreasing by 38.02 points or 0.8%, closed in the negative on Wednesday. The PHLX Semiconductor Sector fell 2.03%.
TSMC's American Depositary Shares (ADR) saw a decrease of 1.34%, closing at $100.17.
Goldman Sachs and UBS forecast a bullish year for TSMC, projecting an annual increase in revenue of 22% and 24%, respectively. Goldman Sachs further anticipates only a 2.9% quarterly decrease in TSMC's revenue for the first quarter of this year, a noticeable improvement over the traditional lull in the same period of previous years.
Earlier this week, TSMC's stock price fell below the monthly line by NT$15, closing at NT$578 and causing its market capitalization to drop below the NT$15 trillion mark.
Despite this, bolstered by foreign investments, TSMC's stock price rebounded Thursday, opening at NT$580, up by NT$2, lifting its market value above the NT$15 trillion mark again.