The logo of the Taiwan Semiconductor Manufacturing Corp (TSMC) in Hsinchu, Taiwan. Photo by DAVID CHANG / EPA-EFE
May 27 (Asia Today) -- Taiwan has overtaken India to become the world's fifth-largest stock market, as shares of Taiwan Semiconductor Manufacturing Co. surged on demand linked to artificial intelligence.
Taiwan's stock market capitalization reached $4.95 trillion at Monday's close, surpassing India's $4.92 trillion by about $30 billion.
TSMC has been the main driver of Taiwan's rise. Shares of the world's largest contract chipmaker have climbed about 46% this year, helping lift Taiwan's Taiex index by more than 50%.
TSMC alone accounts for about 42% of the Taiex's total market capitalization, showing the market's heavy concentration in one company. On Monday, TSMC fell 1.7% and the Taiex slipped 0.3%, but the broader trend this year has remained strong.
