Taiwan Stock Market May Find Additional Support On Thursday

(RTTNews) – The Taiwan stock market bounced higher again on Wednesday, one day after ending the two-day winning streak in which it had added more than 135 points or 0.8 percent. The Taiwan Stock Exchange now sits just above the 16,100-point plateau and it’s got a solid lead for Thursday’s trade, as well.

The global forecast for the Asian markets is positive, with technology, retail and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The TSE finished modestly higher on Wednesday following gains from the technology stocks, cement companies and plastic shares, while the financials were mixed.

For the day, the index climbed 140.40 points or 0.88 percent to finish at 16,104.03 after trading between 15,980.90 and 16,169.18.

Among the actives, Cathay Financial retreated 1.15 percent, while Mega Financial gathered 1.08 percent, CTBC Financial shed 0.78 percent, Fubon Financial skidded 1.00 percent, First Financial lost 0.57 percent, E Sun Financial collected 0.34 percent, Taiwan Semiconductor Manufacturing Company improved 0.77 percent, United Microelectronics Corporation added 0.71 percent, Hon Hai Precision climbed 1.39 percent, Largan Precision soared 2.52 percent, Catcher Technology sank 0.62 percent, MediaTek strengthened 1.57 percent, Delta Electronics advanced 1.14 percent, Novatek Microelectronics increased 1.17 percent, Formosa Plastic perked 0.48 percent , Nan Ya Plastics gained 0.86 percent, Asia Cement jumped 1.70 percent and Taiwan Cement rallied 1.09 percent.

The lead from Wall Street is upbeat as the major averages opened fairly flat on Wednesday and showed little movement in the morning but accelerated into the close to end solidly higher.

The Dow jumped 191.66 points or 0.60 percent to finish at 32,120.28, while the NASDAQ spiked 170.29 points or 1.51 percent to end at 11,434.74 and the S&P 500 gained 37.25 points or 0.95 percent to close at 3,978.73.

The higher close on Wall Street came as the minutes of the latest Federal Reserve meeting offered few surprises, although the central bank indicated it intends to move expeditiously to a more neutral monetary policy stance.

The shift toward a more neutral monetary policy stance comes as the Fed seeks to return inflation to its 2 percent goal while sustaining strong labor market conditions.

In economic news, the Commerce Department showed new orders for durable goods increased by less than expected in April.

Crude oil futures settled higher on Wednesday, lifted by tight supplies and expectations of higher demand during the summer driving season. West Texas Intermediate Crude oil futures for July gained $0.56 or 0.5 percent at $110.33 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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