(RTTNews) – The Taiwan stock market has moved higher in three straight sessions, rallying almost 660 points or 2.2 percent along the way. Now at a record closing high, the Taiwan Stock Exchange sits just above the 30,940-point plateau although it may be stuck in neutral on Thursday.
The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The TSE finished modestly higher again on Wednesday following gains from the plastics and technology companies, while the financial sector came in mixed.
For the day, the index jumped 234.56 points or 0.76 percent to finish at the daily high of 30,941.78 after moving as low as 30,742.53.
Among the actives, Mega Financial rose 0.25 percent, while Fubon Financial lost 0.42 percent, E Sun Financial slumped 0.31 percent, United Microelectronics Corporation retreated 1.64 percent, Hon Hai Precision soared 3.53 percent, Largan Precision fell 0.21 percent, Catcher Technology expanded 1.19 percent, MediaTek climbed 1.01 percent, Delta Electronics rallied 2.91 percent, Novatek Microelectronics shed 0.65 percent, Formosa Plastics vaulted 2.11 percent, Nan Ya Plastics jumped 1.93 percent, Asia Cement tumbled 1.99 percent and Cathay Financial, CTBC Financial, First Financial and Taiwan Semiconductor Manufacturing Company were unchanged.
The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.
The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.
The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.
President Donald Trump’s threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.
In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.
Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.
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