The Taiwan stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had retreated more than 1,080 points or 7.5 percent. The Taiwan Stock Exchange now rests just above the 13,120-point plateau and it’s expected to add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply higher on Tuesday following gains from the financials and plastics, while the technology stocks were mixed and the cement companies were soft.
For the day, the index advanced 158.63 points or 1.22 percent to finish at 13,124.68 after trading between 12,978.13 and 13,143.15.
Among the actives, Cathay Financial advanced 1.33 percent, while Mega Financial increased 1.54 percent, CTBC Financial accelerated 1.52 percent, Fubon Financial soared 3.70 percent, First Financial collected 0.21 percent, E Sun Financial shed 0.43 percent, Taiwan Semiconductor Manufacturing Company rallied 2.52 percent, United Microelectronics Corporation strengthened 1.32 percent, Hon Hai Precision retreated 1.43 percent, Largan Precision tumbled 1.94 percent, Catcher Technology rose 0.29 percent, MediaTek jumped 1.73 percent, Delta Electronics improved 1.49 percent, Formosa Plastics gathered 0.37 percent, Nan Ya Plastics surged 3.57 percent and Taiwan Cement and Asia Cement both sank 0.79 percent
The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.
The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.
The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.
In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.
Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.
Market Analysis
Taiwan Shares Tipped To Continued Strength
2022-10-19 00:30:06
