20.04.202602:52:16UTC+00Taiwan Equities Hit Fresh Peak

The TAIEX, the benchmark index of the Taiwan Stock Exchange, advanced 446 points, or 1.2%, to a fresh record high of 37,251 in Monday morning trading. The market rebounded from the previous session, driven mainly by gains in communications, technology services, and industrial services shares.

Investors largely shrugged off escalating tensions in the Middle East after Iran reasserted control over the Strait of Hormuz, claiming that the U.S. blockade of Iran-linked vessels breached a ceasefire agreement. Market sentiment was further supported by the People’s Bank of China’s decision to keep its key lending rate unchanged at 3%, as well as stronger-than-expected economic data showing China’s GDP expanding 5% year-on-year in the first quarter.

Heavyweight contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), which represents more than 40% of the TAIEX’s total market capitalization, climbed 1.2%. Other notable early gainers included VisEra Technologies, Qualipoly Chemical Corp., Lintes Technology, and Mirle Automation, each rising by around 10%.