The Taiwan stock market headed south again on Wednesday, one day after ending the two-day slide in which it had stumbled more than 150 points or 1.1 percent. The Taiwan Stock Exchange now rests just above the 12,600-point plateau although it figures to find renewed support on Thursday.
The global forecast for the Asian markets is upbeat, with bargain hunting on the menu – especially among the technology and oil stocks, which were hammered in recent days. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.
The TSE finished modestly lower on Wednesday following losses from the financial shares and mixed performances from the technology stocks and cement companies.
For the day, the index shed 54.98 points or 0.43 percent to finish at 12,608.58 after trading between 12,480.50 and 12,616.57.
Among the actives, Cathay Financial slid 0.25 percent, while Mega Financial shed 0.35 percent, CTBC Financial lost 0.53 percent, Fubon Financial sank 0.59 percent, First Financial dipped 0.24 percent, Taiwan Semiconductor Manufacturing Company dropped 0.93 percent, United Microelectronics Corporation surged 4.41 percent, Hon Hai Precision added 0.52 percent, Largan Precision retreated 0.99 percent, Catcher Technology tumbled 1.57 percent, MediaTek skidded 1.49 percent, Formosa Plastic fell 0.50 percent, Asia Cement gained 0.59 percent, Taiwan Cement was down 0.35 percent and E Sun Financial was unchanged.
The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and stayed that way throughout the trading day.
The Dow spiked 439.58 points or 1.60 percent to finish at 27,940.47, while the NASDAQ jumped 293.87 points or 2.71 percent to end at 11,141.56 and the S&P 500 climbed 67.12 points or 2.01 percent to close at 3,398.96.
The rebound on Wall Street came as some traders picked up stocks at reduced levels following the