The Taiwan stock market has finished higher in three straight sessions, advancing nearly 300 points or 2.4 percent along the way. The Taiwan Stock Exchange now rests just above the 12,975-point plateau although it’s expected to open under pressure on Thursday.
The global forecast for the Asian markets is mixed to lower after the Federal Reserve downgraded its GDP forecast. The European markets were mixed and the U.S. bourses were mostly in the red and the Asian markets also figure to open lower.
The TSE finished sharply higher on Wednesday following gains from the financial shares and a mixed performance from the technology stocks.
For the day, the index climbed 131.11 points or 1.02 percent to finish at 12,976.76 after trading between 12,948.72 and 13,021.68.
Among the actives, Cathay Financial increased 0.25 percent, while Mega Financial collected 0.35 percent, CTBC Financial fell 0.26 percent, First Financial rose 0.24 percent, E Sun Financial gained 0.38 percent, Taiwan Semiconductor Manufacturing Company rallied 2.92 percent, United Microelectronics Corporation jumped 1.58 percent, Largan Precision plunged 2.60 percent, Catcher Technology skidded 1.32 percent, MediaTek advanced 0.98 percent, Hon Hai Precision and Formosa Plastic both shed 0.38 percent, Asia Cement was up 0.23 percent, Taiwan Cement gathered 0.35 percent and Fubon Financial was unchanged.
The lead from Wall Street suggests consolidation as stocks were unable to hold early gains on Wednesday, slipping mostly into the red in the final hour of trade.
The Dow added 36.78 points or 0.13 percent to finish at 28,032.38, while the NASDAQ plunged 139.86 points or 1.25 percent to end at 11,050.47 and the S&P 500 fell 15.71 points or 0.46 percent to close at 3,385.49.
The late-day pullback came despite a dovish monetary policy announcement by the Fed, with the central bank leaving interest rates unchanged and signaling rates are