(RTTNews) – The Taiwan stock market has finished higher in four straight trading days, gathering almost 200 points or 1.9 percent along the way. Now at a fresh 28-year closing high, the Taiwan Stock Exchange sits just above the 11,000-point plateau, and the market is looking at another green light for Thursday’s trade.
The global forecast for the Asian markets is upbeat thanks to solid economic news from the United States and continued support from crude oil prices. The European markets were down and the U.S. bourses were up – and the Asian markets figure to follow the latter lead.
The TSE finished slightly higher on Wednesday as gains from the technology and cement stocks were capped by weakness from the financials and steel producers.
For the day, the index picked up 18.69 points or 0.17 percent to finish at 11,004.80 after trading between 10,942.95 and 11,030.22 on turnover of 147.013billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.62 percent, while Largan Precision fell 0.50 percent, China Steel dipped 0.20 percent, Taiwan Steel plummeted 4.91 percent, AU Optronics gained 0.77 percent, Innolux soared 2.18 percent, Catcher Technology tumbled 1.92 percent, Taiwan Cement climbed 1.05 percent, Fubon Financial skidded 1.09 percent, Cathay Financial shed 0.53 percent and United Microelectronics Corporation, CTBC Financial, Mega Financial and Hon Hai Precision were unchanged.
The lead from Wall Street is roundly positive as stocks opened higher on Wednesday and remained there throughout the session, allowing all three of the major averages to hit fresh record closing highs.
The Dow spiked 322.79 points or 1.25 percent to 26,111.65, while the NASDAQ climbed 74.59 points or 1.03 percent to 7,298.28 and the S&P 500 added 26.14 points or 0.94 percent to 2,802.56.
In economic news, the Federal Reserve’s Beige Book painted a sunny picture of the U.S. economy, while respondents were optimistic about 2018 as wages increased in most districts. The Fed also noted that U.S. industrial production surged over the winter.
The earnings news wasn’t as good, but it didn’t seem to matter as Goldman Sachs Group Inc. (GS) and Bank of America Corp. (BAC) disappointed.
Crude oil futures rose Wednesday, staying near recent four-year highs ahead of U.S. inventories data later today. February WTI oil climbed 24 cents or 0.4 percent to $63.97/bbl.
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