(RTTNews) – The Taiwan stock market bounced higher again on Wednesday, one session after it had halted the six-day winning streak in which it had advanced almost 200 points or 1.9 percent. The Taiwan Stock Exchange now rests just beneath the 10,570-point plateau and it’s expected to extend its gains on Thursday.
The global forecast for the Asian markets is positive thanks to solid U.S. economic data, although a fall in crude oil prices may limit the upside. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The TSE finished modestly higher on Wednesday following gains from the financial shares and technology stocks, while the steel producers were mixed.
For the day, the index advanced 72.83 points or 0.69 percent to finish at 10,569.40 after trading between 10,511.59 and 10,574.53 on turnover of 120.157 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company gained 0.69 percent, while AU Optronics advanced 0.82 percent, Hon Hai Precision spiked 1.73 percent, Innolux soared 2.44 percent, Largan Precision jumped 1.57 percent, China Steel added 0.40 percent, Taiwan Steel skidded 1.36 percent, Cathay Financial climbed 1.96 percent, Mega Financial collected 0.42 percent and Fubon Financial was up 0.21 percent.
The lead from Wall Street is upbeat as stocks moved higher on Wednesday, adding to the gains posted in the previous session. Activity was subdued, however, ahead of Friday’s monthly employment report.
The Dow added 27.06 points or 0.12 percent to 21,892.43, while the NASDAQ jumped 66.42 points or 1.05 percent and the S&P gained 11.29 points or 0.46 percent.
The strength followed upbeat U.S. economic data, including a report showing a bigger than expected jump in private sector employment. Also, the Commerce Department upwardly revised Q2 GDP to 3.0 percent from the original 2.6 percent.
Crude oil futures continued to fall Wednesday, to their lowest since July amid concerns about the fallout from Hurricane Harvey. October WTI oil was down 48 cents or 1 percent to $45.96/bbl.
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