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Dow Jones Newswires: TSMC shares post biggest one-day gain since 2020

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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,
+8.34%

TSM,
+8.98%

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

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