(RTTNews) – The Taiwan stock market has finished higher now in eight straight sessions, soaring almost 450 points or 4.2 percent on its way to a fresh 28-year closing high. The Taiwan Stock Exchange sits just above the 11,250-point plateau and it inherits another positive lead for Wednesday.
The global forecast for the Asian markets is flat to higher, thanks to solid earnings news and a jump in crude oil prices. The European and U.S. markets were mixed and the Asian markets figure to follow that lead.
The TSE finished slightly higher on Tuesday following mixed performances from the financial shares and technology stocks.
For the day, the index advanced 21.65 points or 0.19 percent to finish at 11,253.11 after trading between 11,201.52 and 11,270.18 on turnover of 157.59 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company jumped 1.72 percent, while AU Optronics tumbled 2.58 percent, United Microelectronics Corporation soared 4.29 percent, Largan Precision shed 088 percent, Hon Hai Precision added 0.31 percent, Innolux skidded 2.74 percent, Fubon Financial eased 0.18 percent, Cathay Financial collected 0.72 percent, Mega Financial lost 0.39 percent, China Steel shed 0.20 percent and Taiwan Steel dropped 1.74 percent.
The lead from Wall Street is cautiously optimistic as stocks were mostly higher on Tuesday, allowing the NASDAQ and the S&P 500 to reach new record closing highs.
The Dow eased 3.79 points or 0.01 percent to 26,210.81, while the NASDAQ climbed 52.26 points or 0.71 percent to 7,460.29 and the S&P 500 rose 6.16 points or 0.22 percent to 2,839.13.
The strength on Wall Street came as lawmakers managed to re-open the government following a brief shutdown, passing a stopgap bill funding the government until February 8th.
Upbeat earnings news has also generated buying interest, with Dow components Johnson & Johnson (JNJ), Procter & Gamble (PG) and Travelers (TRV) reporting better than expected quarterly results.
Crude oil prices were higher Tuesday as OPEC officials continued to signal their determination to re-balance oil markets via supply cuts. February WTI oil climbed 90 cents or 1.4 percent to $64.47/bbl, the highest since December 2014.
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