TAIPEI (TVBS News) — Taiwan's stock market quickly dipped nearly 100 points Monday morning, shortly after the Chinese People's Liberation Army (PLA) announced the launch of its "Joint Sword-2024B" (聯合利劍-2024B) military drills around Taiwan. The Taiwan Stock Exchange initially opened higher at 22,947.32 points, up 45.68 points, but the index soon fell to 22,803.85 as concerns over rising cross-strait tensions weighed on investor sentiment.
Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) also saw a decline, opening NT$10 lower at NT$1,035. Foxconn (鴻海) shares dropped NT$2.5, falling below the NT$200 mark to NT$197.5. MediaTek (聯發科) maintained its opening price at NT$1,300.
In contrast, shipping stocks defied the trend, with Yang Ming Marine Transport Corporation (陽明) and Wan Hai Lines (萬海) both rising more than 1.5%. Taiwan's stock market closed at 22,901.64 points last Friday, with an increase of 242.56 points. TSMC rose by NT$25, closing at NT$1,045.
Last Friday, U.S. markets closed with gains across the board. The Dow Jones Industrial Average increased by 409.74 points, or 0.97%, closing at 42,863.86 points. The S&P 500 rose by 34.98 points, or 0.61%, ending at 5,815.03 points. The NASDAQ gained 60.89 points, or 0.33%, closing at 18,342.94 points, while the Philadelphia Semiconductor Index went up by 42 points, or 0.79%, to 5,335.94 points.