Taiwan Stock Market May Extend Wednesday’s Gains – Markets Insider

(RTTNews) – The Taiwan stock market has alternated between positive and negative finishes through the last six trading days since the end of the eight-day winning streak in which it had soared almost 450 points or 4.2 percent. The Taiwan Stock Exchange now rests just above the 11,100-point plateau and it’s called higher again on Thursday.

The global forecast for the Asian markets suggests mild upside after the FOMC left interest rates unchanged. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The TSE finished modestly higher on Wednesday following mixed performances from the financial shares and the technology stocks.

For the day, the index added 27.01 points or 0.24 percent to finish at 11,103.79 after trading between 11,007.89 and 11,158.29 on turnover of $132.916 billion Taiwan dollars.

Among the actives, Cathay Financial collected 0.37 percent, while Fubon Financial jumped 2.07 percent, Mega Financial shed 0.39 percent, Taiwan Semiconductor Manufacturing Company added 0.79 percent, United Microelectronics Corporation tumbled 1.38 percent, Largan Precision dropped 1.23 percent, Hon Hai Precision skidded 1.50 percent, AU Optronics gained 0.72 percent, Innolux lost 0.72 percent, Taiwan Cement fell 0.66 percent and China Steel and Taiwan Steel Union were unchanged.

The lead from Wall Street is cautiously optimistic as stocks fluctuated on Wednesday after failing to sustain an early move to the upside. The major averages bounced back and forth across the unchanged line before closing modestly higher.

The Dow added 72.50 points or 0.28 percent to 26,149.39, while the NASDAQ gained 9.00 points or 0.12 percent to 7,411.48 and the S&P 500 was up 1.38 points or 0.05 percent to 2,823.81.

The modestly higher close on Wall Street came after the Federal Reserve announced its widely expected decision to leave interest rates unchanged. The Fed’s accompanying statement was slightly more hawkish, reinforcing expectations the central bank will raise rates at its next meeting in March.

In economic news, payroll processor ADP noted stronger than expected private sector job growth in January. A separate report from the National Association of Realtors said pending home sales increased for the third straight month in December.

Crude oil futures rose Wednesday as gasoline stockpiles fell by 2 million barrels, trimming recent inventory gains. March WTI oil gained 23 cents or 0.4 percent to settle at $64.73/bbl.

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