(RTTNews) - The Taiwan stock market bounced higher again on Thursday, one day after ending the two-day winning streak in which it had gained almost 300 points or 0.7 percent. The Taiwan Stock Exchange now sits just above the 41,750-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive, with technology stocks expected to pull the markets higher. The European and U.S. markets were up and the Asian markets figure to follow that lead.
The TSE finished modestly higher on Thursday as gains from the technology stocks were limited by weakness from the financials and plastics companies.
For the day, the index advanced 377.25 points or 0.91 percent to finish at 41,751.75 after trading between 41,496.23 and 42,205.62.
Among the actives, Cathay Financial sank 0.78 percent, while Mega Financial lost 0.63 percent, CTBC Financial fell 0.31 percent, Fubon Financial eased 0.11 percent, E Sun Financial dipped 0.16 percent, Taiwan Semiconductor Manufacturing Company rallied 2.25 percent, United Microelectronics Corporation surged 9.76 percent, Hon Hai Precision stumbled 2.59 percent, Largan Precision skyrocketed 10.00 percent, Catcher Technology plunged 5.93 percent, MediaTek tanked 2.58 percent, Delta Electronics shed 0.46 percent, Novatek Microelectronics vaulted 1.34 percent, Formosa Plastics tumbled 1.71 percent, Nan Ya Plastics retreated 1.39 percent, Asia Cement fell 0.28 percent and First Financial was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 370.26 points or 0.75 percent to finish at 50,063.46, while the NASDAQ rallied 232.88 points or 0.88 percent to end at a record 26,635.22 and the S&P 500 gained 56.99 points or 0.77 percent to close at 7,501.24, also a record.
Cisco Systems (CSCO) helped lead the markets higher after the company reported better than expected fiscal third quarter results and provided upbeat guidance.
Market leader and AI darling Nvidia (NVDA) also surged on reports that the U.S. has cleared around 10 Chinese firms to buy the company's second-most powerful AI chip, the H200.
In economic news, the Commerce Department said retail sales in the U.S. increased in line with estimates in April. Also, the Labor Department said first-time claims for U.S. unemployment benefits rose more than expected last week.
Crude oil prices inched higher on Thursday as the Strait of Hormuz remains effectively shut amid a lack of progress in U.S.-Iran peace efforts. West Texas Intermediate crude for June was up $0.29 or 0.29 percent at $101.31 per barrel.
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