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Financial News: Taiwan Stock Market Predicted To Open In The

Taiwan Stock Market Predicted To Open In The Green

08/03/2022 - 20:30:00 (RTTNews)

(RTTNews) - The Taiwan stock market on Wednesday ended the two-day slide in which it had slumped more than 250 points or 1.7 percent. The Taiwan Stock Exchange now rests just above the 14,775-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is upbeat on easing fears of a worldwide economic slowdown. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in similar fashion.

The TSE finished modestly higher on Wednesday following gains from the technology stocks and mixed performances from the financial, cement and plastic companies.

For the day, the index picked up 29.79 points or 0.20 percent to finish at the daily high of 14,777.02 after trading as low as 14,673.35.

Among the actives, Cathay Financial rose 0.22 percent, while Mega Financial fell 0.28 percent, CTBC Financial shed 0.67 percent, E Sun Financial lost 0.55 percent, Taiwan Semiconductor Manufacturing Company jumped 1.83 percent, United Microelectronics Corporation added 0.51 percent, Hon Hai Precision gained 0.46 percent, Largan Precision strengthened 1.72 percent, Catcher Technology improved 0.60 percent, MediaTek increased 0.44 percent, Delta Electronics rallied 2.13 percent, Formosa Plastics perked 0.11 percent, Asia Cement was up 0.12 percent, Taiwan Cement eased 0.13 percent and Fubon Financial, First Financial and Nan Ya Plastics were unchanged.

The lead from Wall Street is broadly positive as the major averages opened firmly in the green and accelerated as the session progressed.

The Dow surged 416.33 points or 1.29 percent to finish at 32,812.50, while the NASDAQ spiked 319.40 points or 2.59 percent to end at 12,668.16 and the S&P 500 sank 63.98 points or 1.56 percent to close at 4,155.17.

The rebound on Wall Street partly reflected a positive reaction to some upbeat U.S. economic data, which helped ease concerns about a recession.

The Institute for Supply Management noted an unexpected acceleration in the pace of growth in U.S. services sector activity in July. Also, the Commerce Department saw a sharp increase in new orders for U.S. manufactured goods in June.

Crude oil prices fell sharply Wednesday after data showed an unexpected surge in U.S. crude inventories last week. The dollar's strength after hawkish comments from a few Fed officials also weighed on oil prices.

Also, OPEC+ agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. West Texas Intermediate Crude futures for September sank $3.76 or 4 percent at $90.66 a barrel.

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