(RTTNews) – The Taiwan stock market has moved higher in three straight sessions, accelerating more than 810 points or 3.6 percent along the way. The Taiwan Stock Exchange now sits just above the 22,470-point plateau although it’s expected to open under water on Thursday.
The global forecast for the overbought Asian markets is weak, with profit taking expected. The European and U.S. markets were mostly lower, and the Asian bourses are expected to follow that lead.
The TSE finished sharply higher on Wednesday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index rallied 227.96 points or 1.02 percent to finish at the daily high of 22,470.10 after trading as low as 22,294.60.
Among the actives, Mega Financial rose 0.25 percent, while CTBC Financial perked 0.16 percent, First Financial collected 0.36 percent, Fubon Financial rallied 2.74 percent, E Sun Financial and Hon Hai Precision both added 0.32 percent, Taiwan Semiconductor Manufacturing Company jumped 1.91 percent, United Microelectronics Corporation strengthened 1.83 percent, Largan Precision improved 1.50 percent, Catcher Technology was up 0.24 percent, MediaTek retreated 1.50 percent, Novatek Microelectronics accelerated 1.58 percent, Formosa Plastics added 0.56 percent, Nan Ya Plastics gained 0.67 percent, Asia Cement advanced 0.82 percent and Cathay Financial and Delta Electronics were unchanged.
The lead from Wall Street is soft as the major averages spent most of the day in positive territory before a late swoon sent them all into the red.
The Dow dipped 1.10 points or 0.00 percent to finish at 42,865.77, while the NASDAQ dropped 99.11 points or 0.50 percent to close at 19,615.88 and the S&P 500 sank 16.57 points or 0.27 percent to end at 6,022.24.
The downturn on Wall Street reflected profit taking after the early advance lifted the major averages to their best intraday levels in over three months.
The early strength in the markets followed the release of a closely watched Labor Department report showing U.S. consumer prices increased by slightly less than expected in the month of May.
Buying interest was also generated after U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers.
Crude oil prices surged on Wednesday amid the trade talks between the U.S. and China, as well as a fresh stand-off between the U.S. and Iran over a nuclear deal. West Texas Intermediate crude for July delivery closed up by $3.32 or 5.11 percent to settle at $68.30 per barrel.
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