Taiwan Stock Market Poised To Extend Thursday's Gains

(RTTNews) - The Taiwan stock market on Thursday wrote a finish to the nine-day losing streak in which it had tumbled nearly 450 points or 4.5 percent. The Taiwan Stock Exchange now rests just beneath the 10,500-point plateau and it's tipped to open in the green again on Friday.

The global forecast for the Asian markets is broadly positive as markets continue to recover from recent heavy selling thanks to solid economic data and a surge in crude oil prices. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

The TSE finished sharply higher on Thursday following gains from the financial shares, cement companies and technology stocks.

For the day, the index climbed 108.31 points or 1.04 percent to finish at 10,494.49 after trading between 10,383.62 and 10,500.77.

Among the actives, Cathay Financial collected 0.38 percent, while Mega Financial was up 0.16 percent, CTBC Financial added 0.50 percent, Fubon Financial gathered 0.60 percent, First Financial gained 0.44 percent, E Sun Financial climbed 1.20 percent, Taiwan Semiconductor Manufacturing Company spiked 2.22 percent, United Microelectronics Corporation jumped 1.53 percent, Hon Hai Precision added 0.27 percent, Largan Precision advanced 0.92 percent, Catcher Technology rose 0.24 percent, MediaTek shed 0.47 percent, Asia Cement soared 1.85 percent, Taiwan Cement perked 1.27 percent and Formosa Plastic eased 0.10 percent.

The lead from Wall Street is upbeat as stocks opened higher on Thursday and stayed that way throughout the session, accelerating into the close.

The Dow climbed 371.12 points or 1.43 percent to 26,378.19, while the NASDAQ jumped 176.33 points or 2.24 percent to 8,039.16 and the S&P 500 rose 54.11 points or 1.88 percent to 2,938.09.

The rally on Wall Street partly reflected a positive reaction to a report from the Chinese customs office showing unexpected annual growth in Chinese exports, which helped to ease concerns about the trade dispute with the U.S.

Also, China's central bank set the midpoint for the yuan above 7.00 per dollar the first time in a decade, but it was not as weak as many had expected.

In economic news, the Labor Department released a report unexpectedly showing a modest decrease in first-time claims for unemployment benefits in the week ended August 3.

Crude oil futures rallied sharply on Thursday, amid speculation oil producers may reduce output, aiming to drain global oil inventories. West Texas Intermediate crude oil futures for September ended up $1.45 or 2.84 percent at 52.54 a barrel.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2020    »