The Taiwan stock market has finished higher in back-to-back sessions, advancing more than 140 points or 2.5 percent along the way. The Taiwan Stock Exchange now rests just above the 16,620-point plateau and it has another positive lead for Wednesday’s trade.
The global forecast for the Asian markets is upbeat thanks to an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The TSE finished modestly higher on Tuesday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index climbed 114.39 points or 0.69 percent to finish at 16,623.65 after trading between 16,495.76 and 16,627.70.
Among the actives, Cathay Financial rallied 1.43 percent, while Mega Financial increased 1.10 percent, CTBC Financial advanced 0.84 percent, First Financial collected 0.56 percent, Fubon Financial rose 0.47 percent, E Sun Financial was up 0.41 percent, Taiwan Semiconductor Manufacturing Company added 0.55 percent, United Microelectronics Corporation climbed 1.12 percent, Hon Hai Precision tumbled 1.85 percent, Largan Precision soared 2.79 percent, MediaTek strengthened 1.28 percent, Delta Electronics improved 1.17 percent, Novatek Microelectronics gained 0.51 percent, Formosa Plastics surged 0.88 percent, Nan Ya Plastics accelerated 0.91 percent, Asia Cement perked 0.25 percent, Taiwan Cement gathered 0.57 percent, China Steel fell 0.38 percent and Catcher Technology was unchanged.
The lead from Wall Street is broadly positive as the major averages opened slightly higher on Tuesday but accelerated as the day progressed, ending near session highs.
The Dow jumped 292.69 points or 0.85 percent to finish at 34,852.67, while the NASDAQ surged 238.63 points or 1.74 percent to end at 13,943.76 and the S&P 500 rallied 64.32 points or 1.45 percent to close at 4.497.63.
The strength on Wall Street came as the latest batch of U.S. economic data helped ease recent concerns about the outlook for interest rates.
Consumer confidence in the U.S. deteriorated more than anticipated in August, according to a report released by the Conference Board. Also, the Labor Department said job openings in the U.S. decreased to 8.8 million on the last business day of July.
Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.
Market Analysis
Taiwan Stock Market May Add To Its Winnings
2023-08-30 00:31:27
