The Taiwan stock market has seen an upward trend over the past three sessions, gaining over 435 points, equivalent to a 2% increase. As of now, the Taiwan Stock Exchange stands slightly above the 23,215-point mark, and analysts predict a positive opening for Thursday's trading session.
Globally, Asian markets are anticipated to follow an optimistic trajectory following a definitive outcome in the U.S. presidential election. While European markets experienced a downturn, U.S. markets showed a positive trend, which is expected to influence Asian markets similarly.
On Wednesday, the TSE experienced modest gains; advancements in technology stocks offset losses in the financial sector. The index rose by 110.59 points, or 0.48%, closing at 23,217.38, within a trading range of 23,035.30 to 23,439.39.
Among active stocks, Cathay Financial dropped 0.34%, Mega Financial fell 1.02%, First Financial decreased by 0.74%, and Fubon Financial slipped 0.98%. Similarly, E Sun Financial saw a decline of 0.92%. In contrast, Taiwan Semiconductor Manufacturing Company increased by 0.95%, United Microelectronics Corporation rose by 1.10%, and Largan Precision improved by 0.86%. Notably, Catcher Technology faced a significant drop of 4.86%. Other notable performances included MediaTek, which rallied 1.16%, Delta Electronics rising 1.13%, and Novatek Microelectronics strengthening by 1.23%. Nan Ya Plastics edged down 0.24%, Asia Cement declined by 1.16%, while CTBC Financial and Formosa Plastics remained stable.
Wall Street offered a positive lead, as major averages opened stronger and intensified, closing at session highs. The Dow increased by 1,508.05 points or 3.57%, finalizing at 43,729.93. The NASDAQ saw a rise of 544.29 points or 2.95%, closing at 18,983.46, and the S&P 500 surged by 146.28 points or 2.53%, ending at 5,929.04.
This sustained rally on Wall Street was driven by former President Trump’s victory in the presidential race against Vice President Kamala Harris. His decisive win helped prevent potential uncertainties related to extended vote counting and legal disputes.
Investors are now shifting their focus to the Federal Reserve, which is anticipated to announce its latest monetary policy decision today. While a 25 basis-point interest rate cut is widely expected, the accompanying statement could influence future rate cut expectations.
On the commodities front, oil prices dipped on Wednesday, attributed to U.S. crude inventories rising more than anticipated last week, coupled with the impact of a stronger dollar. West Texas Intermediate Crude oil futures for December settled lower by $0.30, or 0.42%, at $71.69 per barrel.
