Taiwan Stock Market Inherits Firm Lead

(RTTNews) - The Taiwan stock market bounced higher again on Wednesday, one session after it had snapped the four-day winning streak in which it had jumped more than 260 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 10,790-point plateau and it's looking at another green light again on Thursday.

The global forecast for the Asian markets is positive on optimism for a resolution in the trade wat between the United States and China. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The TSE finished modestly higher on Wednesday as the financial shares and technology stocks were mostly in the green.

For the day, the index advanced 36.77 points or 0.34 percent to finish at 10,790.35 after trading between 10,746.87 and 10,815.59.

Among the actives, Mega Financial eased 0.17 percent, while CTBC Financial collected 0.24 percent, Fubon Financial rose 0.11 percent, E Sun Financial was up 0.19 percent, Taiwan Semiconductor Manufacturing Company added 0.57 percent, United Microelectronics Corporation advanced 0.74 percent, Hon Hai Precision gained 0.54 percent, Largan Precision soared 3.31 percent, Catcher Technology spiked 2.86 percent, MediaTek dropped 0.93 percent, Asia Cement lost 0.46 percent, Taiwan Cement perked 0.13 percent, Formosa Plastic dipped 0.10 percent and Cathay Financial and First Financial were unchanged.

The lead from Wall Street is firm as stocks opened higher on Wednesday and continued to rise as the day progressed, sending the major averages to their best closing levels in a month.

The Dow added 227.61 points or 0.85 percent to 27,137.04, while the NASDAQ spiked 85.52 points or 1.06 percent to 8,169.68 and the S&P 500 rose 21.54 points or 0.72 percent to 3,000.93.

The strength on Wall Street came following news that China is granting tariff exemptions for 16 types of American-made products as a sign of goodwill ahead of the next round of trade talks.

Stocks also benefited from optimism about new global stimulus ahead of the European Central Bank's monetary policy decision later today as well as next week's Federal Reserve meeting.

Crude oil prices declined sharply Wednesday on a downward revision in OPEC's oil demand forecast and speculation that the U.S. may ease sanctions on Iran. West Texas Intermediate Crude oil futures for October ended down $1.65 or 2.9 percent at $55.75 a barrel, the lowest settlement since September 3.

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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