(RTTNews) – The Taiwan stock market on Tuesday snapped the four-day losing streak in which it had retreated almost 200 points or 1.8 percent. The Taiwan Stock Exchange now rests just above the 10,780-point plateau and it’s called higher again on Wednesday.
The global forecast for the Asian markets suggest mild upside for the still oversold bourses, while a small bump in crude oil aids the positive sentiment, The European and U.S. markets saw small gains and the Asian markets are tipped to follow suit.
The TSE finished sharply higher on Tuesday following gains from the financial shares and the technology stocks.
For the day, the index spiked 141.44 points or 1.33 percent to finish at the daily high of 10,784.34 after moving as low as 10,711.15 on turnover of 110.78 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company soared 3.52 percent, while Largan Precision dropped 1.22 percent, Hon Hai Precision jumped 1.38 percent, AU Optronics climbed 0.38 percent, Advanced Semiconductor Engineering spiked 2.75 percent, United Microelectronics Corporation surged 1.80 percent, MediaTek jumped 2.03 percent, Cathay Financial picked up 0.38 percent, Fubon Financial added 0.40 percent, E. Sun Financial collected 0.78 percent and CTBC Financial gathered 0.93 percent.
The lead from Wall Street is mildly positive as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending slightly higher.
The Dow added 9.36 points or 0.04 percent to 24,884.12, while the NASDAQ gained 41.30 points or 0.56 percent to 7,372.01 and the S&P was up 7.18 points or 0.26 percent to 2,728.12.
The choppy trading was attributed to concerns about President Donald Trump’s top economic advisor Gary Cohn leaving the White House.
The strength early in the day came amid easing geopolitical concerns following reports that North Korea is willing to talk about denuclearization.
In economic news, the Commerce Department noted a slightly bigger than expected decrease in factory orders in January.
Crude oil prices continued to rise Tuesday even as the government said to expect robust production from U.S. drillers. April WTI crude added 3 cents or 0.1 percent to $62.60 a barrel on the New York Mercantile Exchange.
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