Taiwan Shares May Run Out Of Steam On Thursday
(RTTNews) - The Taiwan stock market has jumped higher in three straight sessions, accelerating more than 2,450 points or 5.2 percent along the way. The Taiwan Stock Exchange now sits just above the 47,000-point plateau although it's ripe for profit taking on Thursday.
The global forecast for the Asian markets is weak on concerns over the outlook for interest rates due to rising inflation. The European and U.S. markets were down and the Asian bourses are likely to follow that lead.
The TSE finished sharply higher on Wednesday following gains from the financial shares and technology companies.
For the day, the index jumped 893.08 points or 1.94 percent to finish at 47,018.99 after trading between 46,234.70 and 47,293.10.
The lead from Wall Street is soft as the major U.S. averages were higher for much of Wednesday's trade but a late slump saw them finish under water.
The Dow dipped 13.96 points or 0.03 percent to finish at 52,305.24, coming off a record closing high. The NASDAQ sank 173.69 points or 0.66 percent to close at 26.040.03 and the S&) 500 fell 16.13 points or 0.22 percent to end at 7,483.23.
The weakness that emerged on Wall Street was the result of ongoing concerns that the AI companies and chipmakers may be overbought - which had the biggest effect on the tech-heavy NASDAQ.
Traders also kept an eye out for developments in the Middle East, with concrete details regarding the end of the war remaining elusive.
In U.S. economic news, a report released by the Institute for Supply Management on Wednesday showed a modest decrease by its reading on U.S. manufacturing activity in the month of June.
Crude oil prices tumbled again on Wednesday amid gradual recovery in tanker traffic across the Strait of Hormuz. West Texas Intermediate crude for August delivery was down $1.12 or 1.61 percent at $68.38 per barrel.
