logo
Plus   Neg
Share
Email

Additional Support Predicted For Taiwan Stock Market

The Taiwan stock market bounced higher again on Wednesday, one day after snapping the three-day winning streak in which it had gathered more than 570 points or 3.7 percent. The Taiwan Stock Exchange now sits just above the 15,760-point plateau although it's tipped to open higher again on Thursday.

The global forecast for the Asian markets is murky, with upside limited by political uncertainty and falling oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow that lead.

The TSE finished sharply higher on Wednesday following gains from the financial shares and technology stocks.

For the day, the index spiked 269.28 points or 1.74 percent to finish at 15,769.98 after trading between 15,550.16 and 15,778.52.

Among the actives, Cathay Financial collected 0.24 percent, while Mega Financial was up 0.17 percent, CTBC Financial gained 0.76 percent, Fubon Financial climbed 1.15 percent, First Financial fell 0.23 percent, Taiwan Semiconductor Manufacturing Company jumped 2.37 percent, United Microelectronics Corporation rallied 3.20 percent, Hon Hai Precision spiked 2.40 percent, Largan Precision rose 0.17 percent, Catcher Technology advanced 0.97 percent, MediaTek soared 4.49 percent, Formosa Plastic added 0.41 percent and Asia Cement, Taiwan Cement and E Sun Financial were unchanged.

The lead from Wall Street offers little clarity as stocks bounced back and forth across the unchanged line on Wednesday, finally ending mixed.

The Dow eased 8.22 points or 0.03 percent to finish at 31,060.47, while the NASDAQ added 56.52 points or 0.43 percent to end at 13,128.95 and the S&P 500 rose 8.65 points or 0.23 percent to close at 3,809.84.

The higher close by the NASDAQ and the S&P came as treasuries rebounded following recent weakness, leading to a drop in bond yields and contributed to significant strength among interest rate sensitive stocks like utilities and properties.

Buying interest was subdued as political uncertainty kept some traders on the sidelines as House Democrats impeached President Donald Trump for a second time over allegations that he incited last week's violent attack on the U.S. Capitol building.

In economic news, the Labor Department said U.S. consumer prices increased in line with estimates last month. Also, the Federal Reserve released its Beige Book, which said economic activity has increased modestly.

Crude oil futures fell on Wednesday as concerns about the outlook for energy demand amid the continued rise in coronavirus cases and tighter restrictions on movements hurt oil prices. West Texas Intermediate Crude oil futures for February sank $0.30 or 0.6 percent at $52.91 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT