In a sixth consecutive run of gains, the Taiwan stock market has climbed over 825 points or 4.7 percent. Currently, the Taiwan Stock Exchange has risen just above the 19,000-point mark and is anticipated to open even stronger on Friday.
On account of robust economic data and a rise in crude oil prices, the global outlook for the Asian markets is decidedly positive. After the European and U.S. markets showed promising growth, the Asian markets are expected to mirror this trend.
On Thursday, the Taiwan Stock Exchange (TSE) concluded with modest gains, driven primarily by improvements in financial stocks, technology shares, and cement companies.
With respect to the specifics of the trading day, the index rose by 126.79 points or 0.71 percent, concluding at 18,002.62 after fluctuating between 17,894.83 and 18,014.26.
Looking at active companies, Cathay Financial rose 0.34 percent, Mega Financial fell slightly by 0.13 percent, CTBC Financial climbed 0.54 percent, First Financial increased by 0.19 percent, and both Fubon Financial and Taiwan Cement progressed by 0.31 percent. In the tech sector, Taiwan Semiconductor Manufacturing Company surged by 2.39 percent, United Microelectronics Corporation spiked by 3.36 percent, Hon Hai Precision grew by 1.49 percent, Largan Precision rose 0.59 percent, Catcher Technology boosted 0.26 percent, while MediaTek improved by 0.75 percent. On the other hand, Delta Electronics slumped down by 1.73 percent, Novatek Microelectronics increased by 0.38 percent, Formosa Plastics dipped 0.55 percent, Nan Ya Plastics declined by 0.33 percent, and Asia Cement advanced 0.25 percent. Among the assets, China Steel slid 0.20 percent and E Sun Financial remained stable.
On Wall Street, the key averages portrayed a positive outlook with an early surge, a midday retreat but still concluded positively.
The Dow experienced a growth of 242.74 points or 0.64 percent, ending at 38,049.13, whereas the NASDAQ went up by 28.58 points or 0.18 percent, concluding at 15,510.50. The S&P 500 index rose by 25.61 points or 0.53 percent, achieving a new record high of 4,894.16.
The early market strength was fuelled by a report from the Commerce Department indicating stronger-than-expected U.S. economic growth and a drop in the pace of inflation during the fourth quarter of 2023.
Nevertheless, momentum declined as the session progressed, with investors setting their sights on Friday's disclosure on personal income and spending. This report may greatly influence interest rate predictions.
Following a larger-than-expected decrease in U.S. crude inventory, oil prices soared on Thursday. West Texas Intermediate Crude futures for March jumped $2.27 or 3 percent, finishing at $77.36 a barrel.
