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Nvidia Boosts Taiwan Stocks, TAIEX Rebounds
28 Aug
Summary
- TAIEX index closed up 0.31% after Nvidia's earnings report.
- AI-related stocks and component makers saw significant gains.
- Trading activity remained somewhat subdued despite the rebound.
Taiwan's benchmark stock index, the TAIEX, extended its rebound on Thursday, buoyed by Nvidia's stronger-than-anticipated earnings report. The index briefly climbed above 46,000 points, ultimately closing with a gain of 142.6 points, or 0.31%, at 45,975.22. Trading turnover for the day was NT$924.7 billion (US$29.2 billion).
The positive sentiment was largely driven by AI-related stocks. Nvidia's revenue forecast suggested sustained demand for AI computing infrastructure, leading to significant gains in printed circuit board (PCB) manufacturers and passive component makers.
Apple's upcoming product launch also influenced the market, with shares of optical lens provider Largan Precision reaching their daily limit. Bearing makers also attracted interest due to increased global demand for foldable devices and wearables.
Despite the rebound, overall trading activity remained subdued, and some major technology stocks experienced declines. Analysts noted continued selling pressure at higher levels, suggesting caution for investors monitoring trading volume and potential volatility.
