The Taiwan stock market on Thursday ended the three-day slide in which it had retreated more than 440 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 17,400-point plateau and it’s expected to open higher again on Friday.
The global forecast for the Asian markets is firm, supported by crude oil and optimism over interest rates. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and cement companies.
For the day, the index spiked 267.59 points or 1.56 percent to finish at the daily high of 17,402.81 after trading as low as 17,190.48.
Among the actives, Cathay Financial jumped 1.86 percent, while Mega Financial collected 0.30 percent, CTBC Financial rose 0.22 percent, Fubon Financial was up 0.26 percent, First Financial improved 0.44 percent, E Sun Financial perked 0.38 percent, Taiwan Semiconductor Manufacturing Company added 0.69 percent, United Microelectronics Corporation surged 5.41 percent, Hon Hai Precision gained 0.45 percent, Largan Precision shed 0.50 percent, Catcher Technology sank 0.80 percent, MediaTek soared 4.83 percent, Delta Electronics eased 0.17 percent, Formosa Plastic spiked 2.00 percent, Asia Cement increased 0.58 percent and Taiwan Cement advanced 0.95 percent.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session.
The Dow jumped 153.60 points or 0.44 percent to finish at 35,084.53, while the NASDAQ rose 15.68 points or 0.11 percent to end at 14,778.26 and the S&P 500 added 18.51 points or 0.42 percent to close at 4,419.15.
The strength on Wall Street came despite some disappointing U.S. economic data, including a Commerce Department report showing economic growth fell well short of estimates in Q2.
The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.
Also, the Labor Department noted a modest pullback in initial jobless claims last week, while the National Association of Realtors reported an unexpected fall in pending home sales in June.
Crude oil futures settled higher Thursday as data showing a drop in U.S. crude inventories continued to support oil prices – while a weak dollar also contributed. West Texas Intermediate Crude oil futures for September ended up $1.23 or 1.7 percent at $73.62 a barrel.
Closer to home, Taiwan will release an advance estimate for Q2 gross domestic product later today, with forecasts suggesting an increase of 6.05 percent on year following the 8.92 percent spike in the previous three months.
Market Analysis
Taiwan Stock Market Tipped To See Additional Support
2021-07-30 00:30:14
