TSMC Reclaims NT$2,320 as Taiwan Market Rebounds 434 Points

Taiwan Semiconductor Manufacturing opened NT$25 higher at NT$2,320 on Nov. 4, a 1.09% gain that outpaced the broader market and helped lift the Taiwan weighted index as much as 434 points to an intraday high of 43,741.54. The rebound came one day after the index suffered its seventh-largest single-day drop on record, a plunge of 1,612.60 points, or 3.59%, to 43,307.54.

TSMC's market value recovered to NT$60.16 trillion, roughly $1.8 trillion, and the single stock contributed about 197 points to the index. The gap-up open followed strength in U.S. markets, where the Philadelphia Semiconductor Index — the U.S. gauge most closely correlated with Taiwan's market — jumped 272.07 points, or 2.63%, on Nov. 3.

How did the heavyweights trade?

The island's electronics leaders rose together in early trading. MediaTek opened NT$65 higher at NT$3,740 and touched NT$3,760 intraday. ASE Technology Holding opened at NT$635, up NT$19, and surged as much as NT$25 to NT$641, a gain of more than 4%. Delta Electronics opened at NT$1,290, up NT$20, and reached NT$1,305. Hon Hai edged up NT$2 to open at NT$247.5 before fluctuating in positive territory.

Early-session gains versus the prior close:

• Taiwan Semiconductor Manufacturing (2330.TW): open NT$2,320, up 1.09%
• MediaTek (2454.TW): open NT$3,740, high NT$3,760, up 2.31%
• Delta Electronics (2308.TW): open NT$1,290, high NT$1,305, up 2.76%
• ASE Technology Holding (3711.TW): open NT$635, high NT$641, up 4.06%
• Hon Hai (2317.TW): open NT$247.5, up 0.81%

The overall electronics sector index rose more than 1% in early trading, with memory, panel, IC design, AI and optoelectronics shares all advancing. Financial and traditional industrial stocks also participated; the plastics sector index rose more than 1% in the morning session. The pattern was electronics leading with traditional industries lending support.

What drove the reversal?

The main driver came from the United States. As investors awaited the results of the U.S. Midterm Elections, capital flowed back into semiconductor and AI shares that had been sold off recently. Three of the four major U.S. indexes rose on Nov. 3. Only the Dow Jones Industrial Average closed down, by 0.38%. The S&P 500 rose 0.36% and the Nasdaq gained 0.83%. AI chip leader NVIDIA rebounded 2.29%, TSMC's American Depositary Receipt rose 1.55% in tandem, and Taiwan index futures climbed 426 points in overnight trading, injecting confidence into the cash market.

The Nov. 3 selloff had hit every heavyweight. TSMC fell NT$35 to NT$2,295, down 1.5%. MediaTek tumbled NT$295 to NT$3,675. Hon Hai dropped NT$5.5 to NT$245.5. Delta Electronics sank NT$85 to NT$1,270, a decline of 6.27%. Market value rankings shifted that day as well: Hon Hai overtook Delta Electronics to become the third-largest listed company by market value, behind only TSMC and MediaTek.

Is the recovery confirmed?

Not yet, according to analysts. They said the Nov. 4 gap-up open reflected short covering and short-term buying after international markets stabilized, and a higher open alone does not prove the market has fully recovered. Three factors will decide whether the rebound holds: whether large electronics stocks can hold their gains, whether the number of advancing issues broadens in tandem, and whether trading volume effectively expands. Analysts said those three measures will show whether this move is a one-day bounce or a trend reversal. All early-session figures remain subject to closing prices.