(RTTNews) – The Taiwan stock market has finished higher in four straight sessions, jumping almost 700 points or 3.7 percent along the way. The Taiwan Stock Exchange now sits just beneath the 18,340-point plateau although it’s expected to see profit taking on Friday.
The global forecast for the Asian markets is negative on growing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourse were sharply lower and the Asian markets figure to follow the latter lead.
The TSE finished sharply higher on Thursday following gains from the cement companies and mixed performances from the financials, plastics and technology stocks.
For the day, the index jumped 186.29 points or 1.03 percent to finish at the daily high of 18,338.05 after moving as low as 18,145.04.
Among the actives, Cathay Financial shed 0.30 percent, while Mega Financial eased 0.26 percent, CTBC Financial was down 0.17 percent, Fubon Financial collected 0.39 percent, First Financial rose 0.19 percent, E Sun Financial lost 0.16 percent, Taiwan Semiconductor Manufacturing Company rallied 2.53 percent, United Microelectronics Corporation fell 0.36 percent, Largan Precision dipped 0.24 percent, Catcher Technology slid 0.30 percent, MediaTek spiked 2.65 percent, Formosa Plastic advanced 0.95 percent, Nan Ya Plastics sank 0.67 percent, Asia Cement added 0.22 percent, Taiwan Cement gained 0.53 percent and Hon Hai Precision and Delta Electronics were unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Thursday and the losses accelerated as the session progressed.
The Dow plummeted 526.47 points or 1.47 percent to finish at 35,241.59, while the NASDAQ tumbled 304.73 points or 2.10 percent to close at 14,185.64 and the S&P 500 sank 83.10 points or 1.81 percent to end at 4,504.08.
The sell-off on Wall Street came after the Labor Department said the annual rate of growth in consumer prices accelerated more than expected in January. The data raised concerns that the Federal Reserve will increase interest rates more aggressively to fight elevated inflation.
Selling pressure accelerated after comments from St. Louis Federal Reserve President James Bullard, who indicated he supports raising interest rates by 50 basis points next month as part of a plan to raise rates by a full percentage point by the start of July.
Crude oil futures settled higher Thursday, gaining for a second straight day as falling crude inventories continued to support the commodity’s prices. West Texas Intermediate Crude oil futures for March ended higher by $0.22 or 0.25 percent at $89.88 a barrel.
Closer to home, Taiwan will release a batch of data later today, including January figures for imports, exports, trade balance and consumer and wholesale prices.
In December, imports were up 28.1 percent on year and exports gained 23.4 percent on year for a trade surplus of $5.77 billion. Consumer prices were down 0.06 percent on month and up 2.62 percent on year, while wholesale prices jumped an annual 12.15 percent.
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