Taiwan Semiconductor Manufacturing Co. shares delivered their best one-day percentage rise since July 2020, as upbeat October sales growth boosted investor confidence in the Taiwan chip maker’s resilience amid an electronics industry downturn.
The stock
2330,
TSM,
rose as much as 8.5% and ended the Friday session 8.3% higher at 441.50 New Taiwan dollars (US$13.93).
The surge came after the world’s largest contract chip manufacturer said Thursday after market close that its October sales rose 56%, bucking the industry trend of sales declines as global electronics demand have taken a hit from high inflation and rising interest rates.
“While TSMC won’t be immune to global slowdown, we believe its position remains intact considering its technology leadership,” Citi analysts said in a note.
Write to Yifan Wang at yifan.wang@wsj.com
This post was originally published on Market Watch
