Taiwan's Taiex stock index closed above the 10,000 mark for the first time in 17 years, driven – as it was in the year 2000 – by surging technology stocks.
The Taiex, or Taiwan Trade Weighted Index, climbed to an intraday peak of 10,018.79 before closing just below this level at 10,001.48.
Two years ago the index reached 10,014.28 during the trading session of 1 April, but slipped in afternoon trade to finish the day at 9,820.05.
Dot-com days revisited
Investors were reminded of the heady days of the year 2000 and the peak of the dot-com bubble – the last time Taiwan's benchmark closed above the 10,000 level – with gains driven now, as they were then, by technology stocks.
Monthly sectoral data from MSCI Indexes showed that for the last three months information technology was the best performing global sector, returning 16.3% in April.
Meanwhile, foreign investors pumped record funds into Taiwan in recent months. Accumulated net fund inflows hit a record high at the end of March. FSC, Taiwan's financial regulator, said the record high came after foreign institutional investors made US$3.32bn in net inflows in March – the biggest monthly net inflow in 11 months.
So far this year the index is up 7.5%, having climbed 10.6% during 2016. Technology stocks were among the best performers this year, driven by expectations of the success of the new Apple iPhone.
Tech stocks soar
Taiwan Semiconductor Manufacturing, the world's biggest contract chipmaker by revenue, is up 12.8% this year, while Hon Hai Precision Industry, one of Apple's chief assembly units, has risen nearly 20% so far in 2017.
On Thursday, the index edged 0.3% higher.