Win Streak Likely To Continue For Taiwan Shares

(RTTNews) - The Taiwan stock market has finished higher in three straight sessions, advancing more than 130 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just above the 10,370-point plateau and it's looking at another firm lead for Thursday's trade.

The global forecast for the Asian markets suggests mild upside on sound economic data and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index picked up 29.99 points or 0.29 percent to finish at the daily high of 10,373.32 after moving as low as 10,331.27.

Among the actives, Cathay Financial collected 0.33 percent, while Fubon Financial added 0.56 percent, CTBS Financial shed 0.73 percent, Mega Financial rose 0.55 percent, Taiwan Semiconductor Manufacturing Company advanced 0.64 percent, United Microelectronics Corporation lost 0.86 percent, Hon Hai Precision fell 0.70 percent, Largan Precision spiked 2.81 percent, AsusTek Computer climbed 1.13 percent, Catcher Technology soared 3.17 percent, Asia Cement jumped 1.43 percent, Taiwan Cement was up 0.26 percent and Formosa Plastic and First Financial were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday. The major averages gave ground as the day progressed but still finished firmly in the green.

The Dow added 148.23 points or 0.58 percent to 25,702.89, while the NASDAQ gained 52.37 points or 0.69 percent to 7,643.41 and the S&P 500 rose 19.40 points or 0.69 percent to 2,810.92.

The strength on Wall Street reflected a positive reaction to a Commerce Department report showing an unexpected increase in durable goods orders in January. Also, the Labor Department noted a modest increase in producer prices in February.

Oil prices rallied sharply on Wednesday after data showed U.S. crude inventories dropped last week. West Texas Intermediate Crude oil futures for April ended up $1.39 or 2.4 percent at $58.26 a barrel, the highest settlement in four months.
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