Is Huida all out? Taiwan stocks once rebounded by more than 1,000 points, and the New Taiwan dollar surged to temporarily close at 32.859 yuan.

[Reporter Chen Meiying/Report from Taipei] Although the U.S. dollar index continues to be at a high level of 103, the negative impact of Huida has been suspended. Taiwan stocks rebounded by more than 800 points, driving the exchange rate of the New Taiwan dollar against the U.S. dollar to rise from depreciation. It temporarily closed at 32.859 yuan at noon, an appreciation of 3 cents. The trading volume of Taipei Foreign Exchange Brokerage Company was 941 million U.S. dollars.

The news of Huang Renxun's resignation impacted Huida's stock price, but funds shifted to other chip stocks. Although U.S. stocks closed in the black, the decline did not expand further. And since the Taiwan stock market had fallen by more than 1,000 points yesterday, it jumped short and opened higher this morning. It once stood at 44,000 points during the session, recovering yesterday's losses. Then the gains converged, and it is still up by more than 800 points.

The New Taiwan Dollar contracted yesterday. After opening at 32.87 yuan this morning, it fell as low as 32.92 yuan. As the Taiwan stock market rebounded, the exchange rate rose rapidly, reaching a maximum of 32.838 yuan in the morning session, with fluctuations of less than 1 dime.

Huiyin insiders pointed out that today's simultaneous rebound in stock prices should be due to Taiwan stocks reflecting Huida's negative news in advance yesterday. After Huang Renxun resigned, the market focus turned to succession arrangements and the impact on the supply chain. It remains to be seen whether it will continue to disrupt the stock market.

Huiyin people believe that the U.S. dollar remains strong and expectations for a rate hike by the Federal Reserve have not cooled down. The rise in the New Taiwan dollar is mainly driven by the stabilization of Taiwan stocks. For two days in a row, foreign investors have oversold Taiwanese stocks by less than NT$1 billion. Whether the adjustment comes to an end will affect the market outlook for the New Taiwan Dollar. In the short term, under the regulation of the central bank, if there are no other variables, the New Taiwan dollar is still expected to stabilize around the price of 32.8 yuan.