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Tech Shares May Weigh On Taiwan Stock Market

The Taiwan stock market has climbed higher in two straight sessions, accelerating from than 750 points or 8 percent along the way. The Taiwan Stock Exchange now rests just beneath the 9,650-point plateau and it's expected to see continued if mild support again on Thursday.

The global forecast for the Asian markets is positive on continued optimism for stimulus in response to the coronavirus pandemic. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished sharply higher on Wednesday following gains from the financial shares, technology stocks and cement companies.

For the day, the index advanced 359.13 points or 3.87 percent to finish at 9,644.75 after trading between 9,426.43 and 9,722.37.

Among the actives, Cathay Financial gained 1.88 percent, while Mega Financial collected 2.19 percent, CTBC Financial spiked 5.42 percent, Fubon Financial rose 2.34 percent, First Financial perked 4.84 percent, E Sun Financial surged 7.32 percent, Taiwan Semiconductor Manufacturing Company advanced 3.55 percent, United Microelectronics Corporation jumped 1.81 percent, Hon Hai Precision gathered 2.88 percent, Largan Precision soared 6.14 percent, Catcher Technology added 1.83 percent, MediaTek climbed 1.36 percent, Asia Cement was up 0.51 percent, Taiwan Cement increased 1.44 percent and Formosa Plastic skyrocketed 6.24 percent.

The lead from Wall Street is cautiously optimistic as stocks moved sharply higher on Wednesday before giving ground late in the session to end mixed.

The Dow jumped 495.64 points or 2.39 percent to finish at 21,200.55, while the NASDAQ fell 33.56 points or 0.45 percent to 7,384.29 and the S&P 500 climbed 28.23 points or 1.15 percent to 2,475.56.

Stocks moved sharply higher earlier in the session in reaction to news that Senate leaders and the White House have reached an agreement on the $2 trillion stimulus bill - but a potential snag over jobless benefits could delay its passage, sending stocks lower in the afternoon.

The Senate could pass the bill as soon as today, although the stimulus package would still need to be approved by the Democrat-controlled House before heading to President Donald Trump's desk.

Crude oil prices moved higher on Wednesday after a decline in weekly gasoline inventories. Optimism about the passage of the massive $2 trillion stimulus bill also contributed to oil's rise in the session. West Texas Intermediate crude oil futures for May ended up $0.48 or 2 percent at $24.49 a barrel.

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