HONG KONG -- Shares of Taiwan Semiconductor Mfg. (TSMC) surged in Taipei trading on Monday, with investors expecting the chipmaker to issue an upbeat forecast at its quarterly earnings briefing on Thursday. A move to expand the company's Chinese production capacity also worked in the stock's favor.
TSMC's share price was up 3.6% at one point, compared with Thursday's closing price, at 170.50 New Taiwan dollars. This was TSMC'S highest point ever, considering previous stock splits.
Market watchers expect TSMC's July-September quarterly earnings to jump 20% from the previous quarter, according to media reports. Last Thursday, the company also began constructing a new semiconductor plant in the eastern Chinese city of Nanjing. The investment is estimated to come to as much as $3 billion.
Management is expected to detail the prospects of the Chinese operations at the upcoming earnings briefing.