Markets

Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in two straight sessions, gathering almost 150 points or 0.9 percent along the way. The Taiwan Stock Exchange now sits just beneath the 17,030-point plateau and it may add to its winnings again on Wednesday.

The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the financial shares and technology stocks.

For the day, the index climbed 140.10 points or 0.83 percent to finish at 17,034.34 after trading between 16,909.32 and 17,067.15.

Among the actives, Cathay Financial spiked 1.20 percent, while Mega Financial accelerated 1.06 percent, Fubon Financial increased 0.94 percent, First Financial collected 0.44 percent, E Sun Financial rallied 1.14 percent, Taiwan Semiconductor Manufacturing Company climbed 1.01 percent, United Microelectronics Corporation added 0.67 percent, Hon Hai Precision advanced 0.93 percent, Largan Precision skyrocketed 7.20 percent, Catcher Technology improved 0.91 percent, MediaTek gained 0.85 percent, Delta Electronics gained 0.82 percent, Formosa Plastic retreated 1.35 percent, Asia Cement dipped 0.22 percent, Taiwan Cement was up 0.41 percent and CTBC Financial was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.

The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.

The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).

Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.

Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 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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