Taiwan Bourse May Find Traction On Thursday

(RTTNews) - The Taiwan stock market has finished lower in two straight sessions, although it has eased not quite 10 points or 0.08 percent in that span. The Taiwan Stock Exchange now sits just above the 12,200-point plateau although it's expected to find support on Thursday.

The global forecast for the Asian markets is upbeat on optimism for a coronavirus treatment. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The TSE finished barely lower on Wednesday following mixed performances from the financials, technology stocks and cement companies.

For the day, the index fell 6.16 points or 0.05 percent to finish at 12,202.85 after trading between 12,162.52 and 12,320.48.

Among the actives, Cathay Financial slid 0.12 percent, while Mega Financial dipped 0.16 percent, CTBC Financial shed 0.25 percent, Fubon Financial collected 0.23 percent, First Financial advanced 0.65 percent, E Sun Financial was up 0.17 percent, Taiwan Semiconductor Manufacturing Company eased 0.14 percent, United Microelectronics Corporation rose 0.03 percent, Hon Hai Precision added 0.35 percent, Largan Precision dipped 0.12 percent, Catcher Technology dropped 0.86 percent, MediaTek lost 0.33 percent, Asia Cement sank 0.22 percent, Taiwan Cement perked 0.66 percent and Formosa Plastic was down 0.74 percent.

The lead from Wall Street is firm as stocks fluctuated on Wednesday maintained a positive bias before ending mostly higher.

The Dow jumped 227.51 points or 0.85 percent to finish at 26,870.10, while the NASDAQ gained 61.92 points or 0.59 percent to end at 10,550.49 and the S&P 500 rose 29.04 points or 0.91 percent to close at 3,226.56.

The continued strength on Wall Street came as upbeat news on the coronavirus vaccine front helped traders shrug off a record single-day spike in new Covid-19 cases in the U.S. Biotech firm Moderna (MRNA) said its experimental vaccine was safe and produced strong immune responses in all 45 patients in an early-stage human trial.

Upbeat earnings news from Goldman Sachs (GS) added to the positive sentiment, with the financial giant reporting much stronger than expected second quarter results.

Crude oil futures ended firmly higher Wednesday after data showed a marked decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for August ended up $0.91 or 2.3 percent at $41.20 a barrel, the highest settlement since March 6.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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