Taiwan Stock Market Has Firm Lead For Friday

(RTTNews) - The Taiwan stock market on Thursday ended the two-day slide in which it had fallen almost 100 points or 0.9 percent. The Taiwan Stock Market now rests just above the 12,100-point plateau and it's expected to see additional support on Friday.

The global forecast for the Asian markets is upbeat on continued optimism over the reportedly forthcoming trade agreement between the United States and China. The European and U.S. markets were firmly higher and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Thursday following gains from the technology stocks and cement companies, while the financials were mixed.

For the day, the index advanced 103.34 points or 0.86 percent to finish at 12,100.48 after trading between 12,026.23 and 12,110.74.

Among the actives, CTBC Financial fell 0.22 percent, while Fubon Financial rose 0.11 percent, E Sun Financial collected 0.18 percent, Taiwan Semiconductor Manufacturing Company soared 2.42 percent, United Microelectronics Corporation added 0.61 percent, Largan Precision increased 0.60 percent, Catcher Technology accelerated 2.20 percent, MediaTek shed 0.45 percent, Asia Cement jumped 1.98 percent, Taiwan Cement gained 0.92 percent, Formosa Plastic slid 0.20 percent and First Financial, Mega Financial, Hon Hai Precision and Cathay Financial were unchanged.

The lead from Wall Street is positive as stocks moved sharply higher Thursday on the first trading day of 2020, sending the major averages to fresh record closing highs.

The Dow jumped 330.36 points or 1.16 percent to finish at 28,868.80, while the NASDAQ added 119.58 points or 1.33 percent to 9,092.19 and the S&P 500 rose 27.07 points or 0.84 percent to 3,257.85.

The rally on Wall Street reflected recent upward momentum, which has helped propel stocks to new record highs despite a lack of major catalysts. Traders continue to express optimism about the potential impact of a U.S.-China trade deal, which is expected to be signed on January 15.

In economic news, the Labor Department said initial jobless claims fell from an upwardly revised level in the week ended December 28, while the less volatile four-week moving average crept up to its highest level since January 2018.

Crude oil prices rose on Thursday amid optimism about a U.S.-China trade deal and on hopes of increased demand for the commodity. West Texas Intermediate crude oil futures for February ended up $0.12 or 0.2 percent at $61.18 a barrel.

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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