The Taiwan stock market has moved higher in two straight sessions, gathering more than 525 points or 3.2 percent along the way. The Taiwan Stock Exchange now sits just beneath the 17,450-point plateau and it’s expected to open higher again on Friday.
The global forecast for the Asian markets is upbeat amidst upward momentum after brutal selling earlier in the week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and cement and plastic companies.
For the day, the index soared 507.39 points or 3.00 percent to finish at 17,448.22 after trading between 17,172.81 and 17,472.81.
Among the actives, Cathay Financial strengthened 1.77 percent, Mega Financial improved 1.39 percent, CTBC Financial increased 2.41 percent, Fubon Financial advanced 2.33 percent, First Financial collected 0.95 percent, E Sun Financial added 1.31 percent, Taiwan Semiconductor Manufacturing Company rallied 4.30 percent, United Microelectronics Corporation spiked 3.54 percent, Hon Hai Precision jumped 2.46 percent, Largan Precision climbed 1.03 percent, Catcher Technology accelerated 2.08 percent, MediaTek skyrocketed 6.73 percent, Delta Electronics surged 4.62 percent, Formosa Plastic perked 0.94 percent, Nan Ya Plastics gathered 0.44 percent, Asia Cement gained 0.84 percent and Taiwan Cement rose 0.31 percent.
The lead from Wall Street ends up solidly positive as the major averages shook off early directionless trade, accelerating in the afternoon to finish near daily highs.
The Dow surged 417.66 points or 1.23 percent to finish at 34,480.76, while the NASDAQ soared 178.23 points or 1.33 percent to end at 13,614.78 and the S&P 500 climbed 53.81 points or 1.23 percent to close at 4,411.67.
The strength that emerged on Wall Street reflects recent upward momentum, with the major averages extending the rally seen over the two previous sessions. The rebound has helped lift stocks well off their recent lows but also well shy of record highs.
The markets also continued to digest the Federal Reserve’s decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said housing starts rebounded than expected in February.
Crude oil prices climbed higher Thursday after the International Energy Agency warned of a possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country. West Texas Intermediate Crude oil futures for April ended higher by $7.94 or 8.4 percent at $102.98 a barrel.
Market Analysis
Higher Open Anticipated For Taiwan Stock Market
2022-03-18 00:30:08
