Mon. Sep 28th, 2020

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Continued Support Expected For Taiwan Stock Market

2 min read

The Taiwan stock market has climbed higher in two straight sessions, collecting nearly 170 points or 1.4 percent along the way. The Taiwan Stock Exchange now rests just beneath the 12,850-point plateau and it’s looking at another green light for Wednesday’s trade.

The global forecast for the Asian markets suggests mild upside, again led by the technology stocks ahead of the Federal Reserve announcement later today. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Tuesday as gains from the financial shares and technology stocks were capped by weakness from the cement companies.

For the day, the index added 57.83 points or 0.45 percent to finish at 12,845.65 after trading between 12,773.23 and 12,857.73.

Among the actives, CTBC Financial added 0.53 percent, while Fubon Financial gained 0.23 percent, First Financial collected 0.48 percent, Taiwan Semiconductor Manufacturing Company advanced 0.91 percent, United Microelectronics Corporation surged 5.86 percent, Hon Hai Precision shed 0.38 percent, MediaTek rose 0.33 percent, Asia Cement lost 0.47 percent, Taiwan Cement sank 0.58 percent and Cathay Financial, Mega Financial, E Sun Financial, Largan Precision, Catcher Technology and Formosa Plastic all were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday, although the Dow gave back almost all of its gains.

The Dow rose 2.27 points or 0.01 percent to finish at 27,995.60, while the NASDAQ spiked 133.67 points or 1.21 percent to end at 11,190.32 and the S&P 500 rose 17.66 points or 0.52 percent to close at 3,401.20.

A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.

However, trade was somewhat subdued ahead of the Federal Reserve’s monetary policy statement later today. The Fed is expected to leave interest rates unchanged, but traders will listen for any tweaks to the accompanying statement. The Fed’s latest economic projections may also be of note.

In economic news, the Fed said U.S. industrial production slowed more than expected in August. Also, the Labor Department noted an increase in U.S. import prices last month, with prices jumping by much more than expected.

Crude oil futures ended sharply higher Tuesday as news of the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for October rose $1.02 or 2.7 percent at $38.28 a barrel.

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2020-09-15 20:00:05


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