Taiwan Stock Market May Test Resistance At 9,800 Points

23-Feb-2017 Intellasia | Nasdaq | 6:00 AM Print This Post

The Taiwan stock market has moved higher in two of three trading days since the end of the two-day slide in which it had slipped 40 points or 0.4 percent. The Taiwan Stock Exchange now rests just beneath the 9,765-point plateau, and the market may move higher again on Wednesday.

The global forecast for the Asian markets is firm thanks to upbeat earnings news and a spike in the price of crude oil. The European markets were mixed and the US markets were up – and the Asian bourses figure to follow the latter lead.

The TSE finished slightly higher on Tuesday following gains from the financial shares and the technology stocks.

Among the actives, Taiwan Semiconductor Manufacturing Company was unchanged, while Innolux perked 1.64 percent, Catcher Technology advanced 1.37 percent, Hon Hai Precision added 0.44 percent, Largan Precision jumped 1.45 percent, Cathay Financial collected 0.41 percent and Fubon Financial gained 0.60 percent.

The lead from Wall Street is positive as stocks opened higher on Tuesday and stayed that way, helping the major averages to hit fresh record closing highs.

The Dow gained 118.95 points or 0.6 percent to 20,743.00, while the NASDAQ rose 27.37 points or 0.5 percent to 5,895.95 and the S&P added 14.22 points or 0.6 percent to 2,365.38.

Retail giants Wal-Mart (WMT) and Home Depot ( HD ) moved higher after reporting their quarterly financial results, although activity was subdued with traders looking ahead to the latest Federal Reserve minutes later today.

Crude oil prices rose Tuesday after OPEC said it would pursue stricter compliance to its quotas. Crude-oil prices for April finished up 55 cents or 1 percent to $54.33 a barrel.



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