Taiwan stock market could return Thursday’s gains
(RTTNews) – Taiwan’s stock market has alternated between positive and negative results over the past seven trading days since ending the two-day slump in which it fell more than 250 points or 1.7 %. The Taiwan Stock Exchange is now just below the 15,200 plateau, although selling pressure is likely to resume on Friday.
The global outlook for Asian markets is mixed to the downside, with profit taking expected after strong gains a day earlier – particularly among tech stocks. European and US markets were mixed and Asian stock exchanges are expected to follow suit.
The TSE ended sharply higher on Thursday after gains in financials, plastics, cement and resources stocks.
For the day, the index jumped 258.173 points or 1.73% to end at 15,197.85 after trading between 15,087.59 and 15,204.79.
Among assets, Cathay Financial strengthened 1.72%, while CTBC Financial jumped 1.90%, Fubon Financial accelerated 2.92%, First Financial climbed 1.90%, E Sun Financial collected 1.24%, Taiwan Semiconductor Manufacturing Company rose 2.80%, United Microelectronics Corporation soared 3.47%. , Hon Hai Precision rose 2.73%, Largan Precision lost 0.48%, Catcher Technology rose 0.28%, MediaTek rose 0.30%, Delta Electronics rose 0.18%, Formosa Plastics gained 1.42%, Nan Ya Plastics rose 1.77%, Asia Cement jumped 3.05%. , Taiwan Cement was up 1.55% and Mega Financial was unchanged.
Wall Street’s lead is weak as major averages opened higher on Thursday but couldn’t hold early gains and ultimately ended mixed.
The Dow Jones rose 27.16 points or 0.08% to end at 33,336.67, while the NASDAQ fell 74.89 points or 0.58% to end at 12,779.91 and the S&P 500 fell 2.97 points or 0.07% to close at 4,207.27.
The prolonged recovery in early trade came after the Labor Department released a report showing an unexpected drop in producer prices in July.
Following Wednesday’s softer-than-expected consumer price data, the report initially added optimism that the Federal Reserve will slow the pace of its interest rate hikes next month.
However, subsequent comments from Fed officials appeared to downplay the data, with Chicago Fed President Charles Evans saying inflation remains “unacceptably high.”
Crude oil prices rose sharply on Thursday on rising hopes for energy demand after the International Energy Agency raised its demand outlook. The weakness of the dollar following weak inflation data also contributed to the rise in oil prices. West Texas Intermediate crude futures ended up $2.41 or 2.6% at $94.34 a barrel.
Closer to home, Taiwan will release final Q2 GDP data later today; in the previous three months, GDP grew by 3.14% year-on-year.
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