Taiwan Semiconductor Mfg. Co. Ltd TSM experienced a 1.10% decline in pre-market trading on Thursday as Typhoon Kong-rey battered Taiwan. This typhoon, the most severe to strike Taiwan in nearly 30 years, made landfall on the east coast, causing disruptions in financial markets and transportation systems.
As per Benzinga Pro, TSM was trading at $192.44 at the time of writing while it closed at $194.48 on Wednesday.
The storm’s impact was felt across almost the entire island, leading to the cancellation of hundreds of flights and a reduction in rail services. Power outages affected nearly half a million homes, as reported by the government. Although the typhoon weakened slightly from its initial super typhoon status, it remained a formidable Category 4 hurricane with gusts exceeding 250 kph, according to Tropical Storm Risk.
TSMC implemented its standard typhoon alert procedures, indicating no significant operational disruptions are anticipated.
Meanwhile, Taiwan’s transport ministry reported 314 international flight cancellations and reduced high-speed rail services. President Lai Ching-te advised citizens to refrain from engaging in hazardous activities during the storm. The Central Weather Administration highlighted the typhoon’s massive size, the largest since 1996.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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