Taiwan stock market could rebound slightly on Thursday
(RTTNews) – Taiwan’s stock market has fallen in two of three trading days since the end of the two-day winning streak in which it had jumped more than 430 points or 2.6%. The Taiwan Stock Exchange now sits just above the 16,885 point plateau, although it is expected to open in the green again on Wednesday.
Global forecasts for Asian markets are cautiously optimistic about encouraging business results and rising crude oil prices. The European and American markets have mostly seen a slight rise and Asian stock markets are expected to follow suit.
The TSE ended slightly lower on Wednesday following the mixed performance of financials and technology stocks.
For the day, the index lost 12.85 points or 0.08% to end at 16,887.82 after trading between 16,855.81 and 16,973.86.
Among assets, Cathay Financial fell 0.17%, while Mega Financial collected 0.46%, Fubon Financial fell 0.67%, E Sun Financial rose 0.19%, Taiwan Semiconductor Manufacturing Company fell 0.33%, United Microelectronics Corporation was down 1.51%, Hon Hai Precision added. 0.47%, Largan Precision gained 0.73%, Catcher Technology 0.31%, MediaTek increased 0.33%, Delta Electronics fell 1.74%, Formosa Plastic lost 0.44%, Asia Cement fell 0.89%, Taiwan Cement fell 1.53% and CTBC Financial and First Financial lost unchanged.
Wall Street’s lead is mostly positive as major averages opened higher on Wednesday. The Dow Jones and S&P 500 stayed well in the green and ended that way, while the NASDAQ followed the line unchanged and finished slightly in the red.
The Dow Jones climbed 152.03 points or 0.43% to close at 35,609.34, while the NASDAQ lost 7.41 points or 0.05% to close at 15,121.68 and the S&P 500 lost increased 16.56 points or 0.37% to end at 4,536.19.
Wall Street’s continued strength came as traders responded positively to another batch of largely bullish corporate earnings news.
Traders largely ignored the Federal Reserve’s Beige Book, which noted that the pace of U.S. economic growth has recently slowed due to supply chain disruptions, labor shortages and uncertainty around the Delta variant of COVID-19.
The Fed also said employment had grown at a modest to moderate rate in recent weeks as demand for workers was high, but labor force growth was held back by a weak supply of workers.
Crude oil prices rose on Wednesday after data showed a drop in U.S. crude inventories last week, while rising demand also supported prices. West Texas Intermediate crude oil futures for December ended $ 0.98 or 1.2% at $ 83.42 a barrel.
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