Taiwan’s stock market has a strong lead for Friday’s trade


(RTTNews) – Taiwan’s stock market has risen on two of three trading days since ending a three-day losing streak in which it fell more than 525 points or 1.5%. The Taiwan Stock Exchange is now just below the plateau of 16,420 points and should reopen on Friday.

Overall forecasts for Asian markets are optimistic, with support expected in particular from oil and technology stocks. European and American markets were up and Asian markets are expected to open similarly.

The TSE ended slightly higher on Thursday after gains in tech and cement stocks, while financials and plastics were mixed.

For the day, the index gained 116.03 points or 0.71% to end at 16,419.38 after trading between 16,256.88 and 16,455.57.

Among assets, Cathay Financial rose 0.16%, while Mega Financial fell 1.44%, CTBC Financial collected 0.35%, Fubon Financial rose 0.27%, First Financial fell 0.18%, E Sun Financial gained 0.30%, Taiwan Semiconductor Manufacturing Company rose 0.95%. , United Microelectronics Corporation soared 9.23%, Hon Hai Precision strengthened 1.50%, Largan Precision accelerated 3.36%, Novatek Microelectronics soared 5.23%, Catcher Technology climbed 1 .06%, MediaTek rose 2.48%, Delta Electronics added 0.61%, Nan Ya Plastics gained 0.47%. , Asia Cement jumped 1.91%, Taiwan Cement jumped 0.66% and Formosa Plastic was unchanged.

Wall Street’s advance is broadly positive as major averages opened slightly higher on Thursday but accelerated throughout the day, ending near session highs.

The Dow Jones jumped 614.46 points or 1.85% to end at 33,916.39, while the NASDAQ jumped 382.59 points or 3.06% to close at 12,871.53 and the S&P 500 jumped 103.54 points or 2.47% to end at 4,287.50.

Wall Street’s rally came as upbeat earnings news overshadowed a disappointing report on the US economy; results from companies such as Meta (FB), Qualcomm (QCOM), McDonald’s (MCD), Merck (MRK) and Eli Lilly (LLY) led the way.

Meanwhile, traders appeared to ignore a Commerce Department report showing U.S. economic activity unexpectedly contracted in the first quarter of 2022.

Some traders may have interpreted the data as a sign that the Federal Reserve will not raise interest rates as aggressively as currently expected.

Crude oil prices rose on Thursday amid supply concerns over the possible impact of sanctions on Russia’s crude oil production. West Texas Intermediate crude oil futures for June ended up $3.34 or 3.3% at $105.36 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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