June 16, 2021

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Additional Support Anticipated For Taiwan Stock Market

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The Taiwan stock market on Thursday wrote a finish to the four-day losing streak in which it had dropped more than 280 points or 1.6 percent. The Taiwan Stock Exchange now sits just beneath the 17,160-point plateau and it’s looking at another green light for Friday’s trade.

The global forecast for the Asian markets is cautiously optimistic following encouraging inflation data from the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished sharply higher on Thursday following gains from the financial shares and the technology stocks.

For the day, the index jumped 193.02 points or 1.14 percent to finish at the daily high of 17,159.22 after moving as low as 16,978.01.

Among the actives, Cathay Financial collected 0.74 percent, while Mega Financial gained 0.46 percent, CTBC Financial rose 0.22 percent, Fubon Financial climbed 1.23 percent, E Sun Financial improved 0.58 percent, Taiwan Semiconductor Manufacturing Company rallied 2.22 percent, United Microelectronics Corporation jumped 1.58 percent, Hon Hai Precision advanced 0.91 percent, Largan Precision surged 4.07 percent, Catcher Technology added 0.56 percent, MediaTek soared 3.21 percent, Formosa Plastic spike 2.43 percent, Taiwan Cement was up 0.39 percent and Delta Electronics, First Financial and Asia Cement were unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday, tumbled shortly thereafter but rebounded to end in the green.

The Dow added 19.10 points or 0.06 percent to finish at 34,466.24, while the NASDAQ jumped 108.58 points or 0.78 percent to end at 14,020.33 and the SYP 500 rose 19.63 points or 0.47 percent to close at 4,239.18.

The higher close on Wall Street followed the release of a highly anticipated Labor Department report showing a bigger than expected increase in consumer prices in May.

Also, the Labor Department reported another modest decrease in first-time claims for unemployment benefits last week.

Crude oil futures moved higher on Thursday amid optimism energy demand will pick up gradually following an Energy Information Administration (EIA) report that showed a big drop in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for July ended up by $0.33 or 0.5 percent at $70.29 a barrel.

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Market Analysis

2021-06-10 20:30:36

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