According to CoinMeta, the Taiwan stock market closed up nearly 5%, with the Taiwan Weighted Index surging as high as 6.6% at one point, marking the largest single-day gain since July, and closing up nearly 5% as well. TSMC, the world's largest chip manufacturing company, rose more than 7% during trading. Following the sell-offs related to AI last week, investors resumed buying into tech stocks, with semiconductor stocks leading the gains in East Asian markets. Despite the strong rebound in the stock market, the performance of the region's currencies was much more modest. The Korean won strengthened to 1356.20 against the US dollar, outperforming other currencies. Analysts at Mitsubishi UFJ Financial Group said that the performance of Asian foreign exchange markets is increasingly influenced by the global tech cycle and cross-border portfolio capital flows. In contrast, Philippine assets are under downward pressure, as economic growth has slowed for the fifth consecutive quarter. The Indonesian stock market rose about 1%, but concerns over whether Indonesia can continue to remain in the MSCI Emerging Markets Index have limited the stock market's gains. The Indonesian rupiah weakened to 18,105 against the US dollar, approaching the historical low of 18,190 set earlier this year.