The Taiwan stock market on Wednesday ended the three-day losing streak in which it had plunged more than 1,100 points or 7 percent. The Taiwan Stock Exchange now sits just above the 17,015-point plateau and it’s expected to extend its gains on Thursday.
The global forecast is broadly positive on bargain hunting and easing inflation concerns after crude oil prices retreated sharply. The European and U.S. markets were firmly higher and the Asian bourses are tipped to open in similar fashion.
The TSE finished sharply higher on Wednesday following gains from the financial shares, technology stocks and plastic and cement companies.
For the day, the index jumped 190.11 points or 1.13 percent to finish at 17,015.36 after trading between 16,944.08 and 17,072.74.
Among the actives, Cathay Financial improved 0.85 percent, while Mega Financial was up 0.13 percent, CTBC Financial collected 0.59 percent, Fubon Financial jumped 1.56 percent, First Financial perked 0.20 percent, E Sun Financial lost 0.52 percent, Taiwan Semiconductor Manufacturing Company advanced 0.89 percent, United Microelectronics Corporation soared 4.23 percent, Largan Precision dipped 0.25 percent, Catcher Technology climbed 1.41 percent, MediaTek rose 0.31 percent, Delta Electronics rallied 2.55 percent, Formosa Plastic strengthened 1.44 percent, Nan Ya Plastics accelerated 1.62 percent, Asia Cement spiked 2.45 percent, Taiwan Cement increased 0.64 percent and Hon Hai Precision was unchanged.
The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday and stayed that way throughout the session.
The Dow surged 653.61 points or 2.00 percent to finish at 33,286.25, while the NASDAQ spiked 459.99 points or 3.59 percent to end at 13,255.55 and the S&P 500 soared 107.18 points or 2.57 percent to close at 4,277.88.
A pullback by commodities prices contributed to the rebound on Wall Street, as the recent surge in prices had led to worries about even higher inflation.
Oil prices plunged sharply on Wednesday, a day after recording their highest close in 14 years, after analysts said the U.S. and U.K. ban on Russian oil imports will be far less disruptive to global markets than a full international embargo. West Texas Intermediate Crude oil futures for April ended down by $15 or 12.1 percent at $108.70 a barrel.
The markets also benefited from bargain hunting, as traders looked to pick up stocks at reduced levels following the recent weakness.
Additional Support Tipped For Taiwan Stock Market
2022-03-10 00:32:26
