(RTTNews) - The Taiwan stock market has tracked higher in two straight sessions, gathering more than 240 points or 1.9 percent along the way. The Taiwan Stock Exchange now rests just above the 14,935-point plateau and it may see additional support on Friday.
The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index jumped 204.48 points or 1.39 percent to finish at the daily high of 14,937.70 after moving as low as 14,716.02.
Among the actives, Cathay Financial perked 0.33 percent, while Mega Financial advanced 0.88 percent, CTBC Financial spiked 1.80 percent, Fubon Financial collected 0.52 percent, First Financial accelerated 2.00 percent, E Sun Financial soared 2.15 percent, Taiwan Semiconductor Manufacturing Company climbed 1.21 percent, United Microelectronics Corporation surged 5.03 percent, Hon Hai Precision jumped 1.93 percent, Largan Precision rallied 2.08 percent, Catcher Technology strengthened 1.81 percent, MediaTek skyrocketed 6.71 percent, Delta Electronics rose 0.40 percent, Formosa Plastics increased 1.14 percent, Nan Ya Plastics gained 2.69 percent, Asia Cement improved 1.02 percent and Taiwan Cement plummeted 8.53 percent.
The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.
The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.
The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.
The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.
A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.
Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.
Closer to home, Taiwan will release June unemployment data later today; in May, the jobless rate was 3.73 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
