Taiwan Bourse May Add To Its Winnings On Thursday

(RTTNews) - The Taiwan stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had surrendered almost 700 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 21,480-point plateau and it's expected to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat, with energy and technology stocks expected to lead the way, The European and U.S. markets were up and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Wednesday as the financial shares and technology stocks were mostly higher.

For the day, the index gained 128.26 points or 0.60 percent to finish at 21,484.88 after trading between 21,264.63 and 21,510.86.

Among the actives, Cathay Financial perked 0.18 percent, while CTBC Financial eased 0.14 percent, Fubon Financial collected 0.54 percent, E Sun Financial advanced 0.88 percent, Taiwan Semiconductor Manufacturing Company jumped 1.79 percent, United Microelectronics Corporation retreated 1.47 percent, Hon Hai Precision accelerated 2.63 percent, Largan Precision strengthened 1.53 percent, Catcher Technology declined 1.55 percent, MediaTek dropped 0.81 percent, Delta Electronics soared 2.82 percent, Novatek Microelectronics rallied 1.68 percent, Formosa Plastics tumbled 1.73 percent, Nan Ya Plastics slumped 1.35 percent, China Steel fell 0.21 percent and Mega Financial, First Financial, Asia Cement and Taiwan Cement were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, faded a bit but bounced solidly higher and sent the NASDAQ and S&P to fresh record closing highs.

The Dow added 96.04 points or 0.25 percent to finish at 38,807.33, while the NASDAQ surged 330.86 points or 1.96 percent to close at 17,187.90 and the S&P 500 rallied 62.69 points or 1.18 percent to end at 5,354.03.

The surge by the NASDAQ came as tech stocks continued to take their cues from Nvidia (NVDA), as the AI darling soared by 5.2 percent to a new record closing high.

The strength on Wall Street also came as a report from payroll processor ADP showing private sector job growth in the U.S. slowed by more than expected in the month of May added to optimism about the outlook for interest rates.

Treasury yields moved lower following the release of the jobs data, with the ten-year yield falling to its lowest levels in two months.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.

Closer to home, Taiwan will release May numbers for consumer prices later today; in April, overall inflation was up 0.1 percent on month and 1.95 percent on year.