CHWA

CHW Acquisition Corporation

8.2800
USD
5.40%
8.2800
USD
5.40%
5.9200 13.1300
52 weeks
52 weeks

Mkt Cap 128.64M

Shares Out 15.69M

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Taiwan Stock Market May Hand Back Thursday's Gains

(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day slide in which it had slumped more than 250 points or 1.7 percent. The Taiwan Stock Exchange now rests just beneath the 15,200-point plateau although it's likely to see renewed selling pressure again on Friday. The global forecast for the Asian markets is mixed to lower, with profit taking expected after solid gains a day earlier - especially among the technology shares. The European and U.S. markets were mixed and the Asian bourses are likely to follow suit. The TSE finished sharply higher on Thursday following gains from the financials, plastics, cement companies and resource stocks. For the day, the index jumped 258.173 points or 1.73 percent to finish at 15,197.85 after trading between 15,087.59 and 15,204.79. Among the actives, Cathay Financial strengthened 1.72 percent, while CTBC Financial jumped 1.90 percent, Fubon Financial accelerated 2.92 percent, First Financial climbed 1.90 percent, E Sun Financial collected 1.24 percent, Taiwan Semiconductor Manufacturing Company rallied 2.80 percent, United Microelectronics Corporation soared 3.47 percent, Hon Hai Precision spiked 2.73 percent, Largan Precision shed 0.48 percent, Catcher Technology perked 0.28 percent, MediaTek rose 0.30 percent, Delta Electronics was up 0.18 percent, Formosa Plastics gained 1.42 percent, Nan Ya Plastics gathered 1.77 percent, Asia Cement surged 3.05 percent, Taiwan Cement improved 1.55 percent and Mega Financial was unchanged. The lead from Wall Street is soft as the major averages opened higher on Thursday but were unable to hold the early gains and eventually finished mixed. The Dow rose 27.16 points or 0.08 percent to finish at 33,336.67, while the NASDAQ sank 74.89 points or 0.58 percent to end at 12,779.91 and the S&P 500 dipped 2.97 points or 0.07 percent to close at 4,207.27. The extended rally in early trading came after the Labor Department released a report showing an unexpected decrease in producer prices in July. Following Wednesday's tamer than expected consumer price data, the report initially added to optimism that the Federal Reserve will slow the pace of its interest rate hikes next month. However, subsequent comments from Fed officials seemed to downplay the data, with Chicago Fed President Charles Evans saying inflation remains "unacceptably high." Crude oil prices rose sharply Thursday on rising hopes for energy demand after the International Energy Agency lifted its demand outlook. The dollar's weakness following the soft inflation data also contributed to the rise in oil prices. West Texas Intermediate Crude futures ended higher by $2.41 or 2.6 percent at $94.34 a barrel. Closer to home, Taiwan will release final Q2 GDP data later today; in the previous three months, GDP was up 3.14 percent on year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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