Taiwan Bourse May Flirt With 23,000-Point Level

(RTTNews) - The Taiwan stock market has moved higher in two straight sessions, collecting more than 170 points or 0.7 percent along the way. The Taiwan Stock Exchange now sits just above the 22,985-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is mixed and flat ahead of key economic data in the coming days. The European markets were slightly lower and the U.S. bourses saw mild gains and the Asian markets figure to split the difference.

The TSE finished modestly higher on Wednesday following gains from the technology stocks, weakness from the financials and a mixed picture from the plastics companies.

For the day, the index advanced 110.72 points or 0.48 percent to finish at 22,986.69 after trading between 22,893.75 and 23,074.74.

Among the actives, Cathay Financial stumbled 1.65 percent, while Mega Financial skidded 0.98 percent, CTBC Financial dropped 0.92 percent, First Financial fell 0.71 percent, Fubon Financial sank 0.89 percent, E Sun Financial declined 1.03 percent, Taiwan Semiconductor Manufacturing Company rallied 1.59 percent, United Microelectronics Corporation rose 0.35 percent, Hon Hai Precision shed 0.47 percent, Largan Precision improved 0.74 percent, Catcher Technology dipped 0.22 percent, MediaTek strengthened 1.44 percent, Delta Electronics lost 0.52 percent, Novatek Microelectronics accelerated 1.49 percent, Formosa Plastics tanked 2.05 percent, Nan Ya Plastics retreated 1.60 percent and China Steel slumped 1.07 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Wednesday and spent most of the day hugging the line before a late push nudged them into the green.

The Dow rose 15.64 points or 0.04 percent to finish at 39,127.80, while the NASDAQ gained 87.50 points or 0.49 percent to close at 17,805.16 and the S&P 500 added 8.50 points or 0.16 percent to end at 5,477.90.

The uncertainty on Wall Street came as investors braced for the release of key U.S. inflation data later this week for clues on the outlook for interest rates.

Bank stocks were in focus ahead of the central bank's annual stress test, while shares of energy firms struggled a bit due to sluggish oil prices.

In economic news, the Commerce Department said new home sales in the U.S. saw a substantial decrease in the month of May, while building permits also slumped.

Crude oil futures fell on Wednesday after data showed a notable increase in crude inventories in the U.S. last week but recovered and eventually ended the day's session slightly higher. West Texas Intermediate Crude oil futures for August rose $0.07 at $80.90 a barrel.