Taiwan Bourse Poised To Snap Losing Streak

An image of people surrounding a sheet of paper with many charts on it Credit: Shutterstock photo

(RTTNews.com) - The Taiwan stock market has moved lower in three straight sessions, sliding nearly 200 points or 2.1 percent in that span. The Taiwan Stock Exchange now rests just shy of the 9,480-point plateau, although it's expected to stop the bleeding on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to a spike in crude oil prices and bargain hunting after heavy losses earlier this week. The European markets were mixed and the U.S. bourse were sharply higher - and the Asian markets are expected to follow the latter lead.

The TSE finished modestly lower on Wednesday following losses from the financial shares, technology stocks and cement companies.

For the day, the index slipped 48.10 points or 0.50 percent to finish at 9,478.99 after trading between 9,473.30 and 9,591.91 on turnover of 68.73 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.46 percent, while AsusTek Computer declined 1.24 percent, United Microelectronics Corporation added 0.45 percent, Largan Precision skidded 1.26 percent, Hon Hai Precision lost 0.71 percent, Asia Cement retreated 1.18 percent, Taiwan Cement tumbled 1.26 percent, Formosa Plastics fell 0.41 percent, CTBC Financial collected 0.25 percent, Mega Financial dipped 0.39 percent, Chunghwa Telecom slid 0.47 percent and AU Optronics, Cathay Financial and Fubon Financial were unchanged.

Following the sell-off in recent sessions, stocks rebound sharply on Wednesday, extending gains heading into the close.

The Dow soared 1,086.25 points or 4.98 percent to 22,878.45, while the NASDAQ surged 361.44 points or 5.84 percent to 6,554.35 and the S&P 500 jumped 116.60 points or 4.96 percent to 2,467.70.

Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels after recent weakness dragged the major averages to their lowest closing levels in over a year.

Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.

Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.

Crude oil prices rose sharply amid thin deals on Wednesday, rebounding from an 18-month low on Christmas Eve. Crude oil futures for February surged $4.69 or 8.6 percent to $46.22 a barrel.

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