(RTTNews) – The Taiwan stock market has moved higher in four straight sessions, gathering more than 625 points or 2.8 percent along the way. The Taiwan Stock Exchange now rests just above the 23,400-point plateau and it may add to its winnings on Friday.
The global forecast is positive after the Federal Reserve cut its benchmark lending rate by 25 basis points. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow that lead.
The TSE finished modestly higher again on Thursday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index advanced 191.44 points or 0.82 percent to finish at 23,408.82 after trading between 23,132.94 and 23,518.63.
Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial rose 0.26 percent, First Financial shed 0.37 percent, Fubon Financial collected 0.88 percent, E Sun Financial rallied 1.29 percent, Taiwan Semiconductor Manufacturing Company added 0.47 percent, United Microelectronics Corporation accelerated 2.84 percent, Hon Hai Precision jumped 1.64 percent, Largan Precision fell 0.21 percent, Catcher Technology stumbled 2.22 percent, Delta Electronics dropped 0.99 percent, Novatek Microelectronics eased 0.10 percent, Formosa Plastics soared 3.28 percent, Nan Ya Plastics spiked 2.85 percent, Asia Cement improved 0.74 percent and MediaTek and CTBC Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Thursday and ended mostly to the upside, with the NASDAQ and S&P both hitting fresh record closing highs..
The Dow eased 0.59 points or 0.00 percent to finish at 43,729.34, while the NASDAQ surged 285.99 points or 1.51 percent to close at 19,269.46 and the S&P 500 advanced 44.06 points or 0.74 percent to end at 5,973.10.
The continued strength on Wall Street reflected ongoing optimism about the impact of former President Donald Trump’s return to the White House, which is expected to be positive for corporations.
Stocks saw continued strength as the Federal Reserve announced its widely expected decision to lower interest rates by a quarter point.
Oil futures settled notably higher on Thursday as traders weighed the potential impact of Donald Trump’s presidency on the geopolitical scene, against the interest rate cut announcement by the Federal Reserve. West Texas Intermediate Crude oil futures for December closed up $0.67 or 0.93 percent at $72.36 a barrel.
Closer to home, Taiwan will provide October numbers for imports, exports and trade balance later today. In September, imports were up 17.4 percent on year and exports rose an annual 4.5 percent for a trade surplus of $7.12 billion.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
