Taiex ends sharply higher as TSMC soars almost 5% on dividends, sales

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Shares in Taiwan closed sharply higher Wednesday, up over 1,500 points, led by Taiwan Semiconductor Manufacturing Co.'s (TSMC) almost 5 percent gain after the contract chipmaker announced higher quarterly cash dividend payout and strong October sales, dealers said.

Taipei, Nov. 11 (CNA) Shares in Taiwan closed sharply higher Wednesday, up over 1,500 points, led by Taiwan Semiconductor Manufacturing Co.'s (TSMC) almost 5 percent gain after the contract chipmaker announced higher quarterly cash dividend payout and strong October sales, dealers said.

The Taiex, the Taiwan Stock Exchange's benchmark index, ended up 1,545.23 points, or 3.62 percent, at the day's high of 44,257.15, off a low of 42,708.05, marking the sixth largest single-session point gains. Turnover totaled NT$849.17 billion (US$25.78 billion).

"TSMC drove the Taiex significantly higher as a hike in cash dividend payout and strong October sales data prompted investors to buy," Mega International Investment Services analyst Alex Huang said.

"The October sales reflected robust global demand for AI applications," Huang said. "The raised cash dividend payout encouraged investors to pick up the stock soon after the market opened."

TSMC, which accounts for over 40 percent of total market value, gained 4.81 percent to close at the day's high of NT$2,395.00, contributing about 880 points to the Taiex's rise and sending the electronics index 3.98 percent higher.

On Tuesday, TSMC reported its consolidate sales hit a new high in October, up almost 60 percent from a year earlier, while a board meeting approved a plan to issue a record of NT$9 in cash dividend per share for its third quarter earnings, up from NT$7 for the second quarter.

But, Huang said TSMC could face the nearest stiff technical resistance ahead of NT$2,450.00.

Buying spread to other semiconductor stocks with ASIC designer AIchip Technologies Inc. up 6.73 percent to end at NT$3,650.00, smartphone IC designer MediaTek Inc. up 4.18 percent to close at NT$3,990.00, and United Microelectronics Corp., a smaller contract chipmaker, up 3.48 percent to end at NT$104.00.

Also in the tech sector, PC brand Asustek Computer Inc. closed up 2.04 percent at NT$902.00, and power management solution provider LITE-ON Technology Corp.

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