Taiwan stocks soared to a 30-year high on Tuesday. The TAIEX went up 223 points, or 1.8%, to end at 12,397.55 on Tuesday.
Dealers said investors rushed to pick up large cap stocks in the electronics sector following a rally in the Nasdaq market. The Nasdaq rose 2.5% on Monday.
People bought shares of technology heavyweights like Taiwan Semiconductor Manufacturing Co. (TSMC) which led the upturn as investors are optimistic about its upcoming business prospects this year. Last week, TSMC upgraded its forecast for 2020 sales growth to more than 20%, saying there was a strong demand for its advanced technologies. That was up from an earlier estimate of 14-19 percent.
The pandemic has led to a greater need for devices used for online learning and remote work.