Win Streak May Continue For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved higher in consecutive trading days, advancing more than 450 points or 2 percent in that span. The Taiwan Stock Exchange now rests just above the 23,160-point plateau and it may add to its winnings again on Thursday.
The global forecast for the Asian markets is upbeat following a drop in U.S. treasury yields. The European markets were mixed and the U.S bourses were slightly higher and the Asian markets figure to split the difference.
The TSE finished sharply higher on Wednesday following gains from the technology stocks and cement companies, while the financial shares were mixed.
For the day, the index rallied 367.62 points or 1.61 percent to finish at 23,161.58 after trading between 22,916.38 and 23,249.33.
Among the actives, First Financial collected 0.54 percent, while Fubon Financial strengthened 1.66 percent, E Sun Financial shed 0.52 percent, Taiwan Semiconductor Manufacturing Company rallied 1.37 percent, Hon Hai Precision soared 3.64 percent, Largan Precision climbed 1.26 percent, Catcher Technology rose 0.26 percent, MediaTek spiked 2.35 percent, Delta Electronics jumped 2.14 percent, Formosa Plastics eased 0.15 percent, Nan Ya Plastics dipped 0.16 percent, Asia Cement gained 0.61 percent and Cathay Financial, Mega Financial, CTBC Financial, United Microelectronics Corporation and Novatek Microelectronics were unchanged.
The lead from Wall Street is positive after the major averages opened lower on Wednesday but turned higher into the green as the day progressed, ending at session highs.
The Dow rallied 317.24 points or 0.71 percent to finish at 44,873.28, while the NASDAQ added 38.31 points or 0.19 percent to close at 19,692.33 and the S&P 500 gained 23.60 points or 0.39 percent to end at 6,061.48.
The rebound on Wall Street came amid a notable move to the downside by treasury yields, with the yield on the benchmark ten-year note slumping to its lowest closing level in well over a month.
Yields tumbled after the Treasury Department said its current auction sizes leave it well positioned to address potential changes to the fiscal outlook. Based on projected borrowing needs, the Treasury anticipates maintaining long-term securities auction sizes for at least the next several quarters.
In economic news, the Institute for Supply Management said service sector growth in the U.S. unexpectedly slowed modestly in January. Also, payroll processor ADP said private sector employment in the U.S. increased more than expected last month.
Oil prices settled sharply lower Wednesday after data showed a sharp jump in U.S. crude inventories last week. Concerns about the outlook for oil demand also weighed on prices. West Texas Intermediate Crude oil futures for March settled at $71.03 a barrel, losing $1.67 or 2.29 percent.