The Taiwan stock market has risen in two out of the last three trading sessions, rebounding from a four-day losing streak where it dropped over 1,150 points or 4.3 percent. The Taiwan Stock Exchange currently hovers just above the 23,025-point mark, yet signs indicate it may face downward pressure on Friday.
The global outlook for Asian markets is subdued, with expected declines in oil and technology stocks anticipated to lead the markets downward. While European markets saw gains, the U.S. markets declined, with Asian markets likely to mirror this trend.
The TSE saw significant gains on Thursday, bolstered by advances in financials, technology stocks, and plastics. The index jumped 510.53 points or 2.27 percent, closing at 23,025.10, with trading ranging from 22,817.52 to 23,147.69.
Key market movements included Mega Financial, which added 0.51 percent; CTBC Financial, up 0.90 percent; First Financial, advancing 0.91 percent; and Fubon Financial, increasing 1.33 percent. E Sun Financial climbed 1.09 percent, and Taiwan Semiconductor Manufacturing Company rose 3.76 percent. Other notable performances included United Microelectronics Corporation up 0.24 percent, Hon Hai Precision up 1.46 percent, Largan Precision up 2.03 percent, MediaTek up 2.82 percent, and Delta Electronics surging 4.49 percent. Not all stocks fared well, with Novatek Microelectronics and Formosa Plastics experiencing minor declines, while Nan Ya Plastics rose 1.78 percent, Asia Cement improved 1.36 percent, and Catcher Technology and Cathay Financial remained unchanged.
Wall Street offered a negative cue as major U.S. indices, after a slightly positive start on Thursday, slipped and closed in the negative territory. The Dow fell 68.42 points or 0.16 percent to 43,153.13. The NASDAQ dropped 172.95 points or 0.89 percent to 19,338.29, and the S&P 500 decreased 12.57 points or 0.21 percent to 5,937.34.
This erratic trading pattern followed a comprehensive evaluation by traders pondering the market's short-term trajectory after the previous day’s rally, which featured the largest daily percentage increases in over two months. Traders were also reacting to a raft of U.S. economic data, covering metrics like weekly jobless claims, retail sales, and import prices. The data largely met expectations, sustaining hope that the Federal Reserve will cut interest rates in the first half of the year.
Oil prices plummeted on Thursday following a ceasefire agreement between Israel and Hamas, sanctioned by the UN Security Council. West Texas Intermediate Crude oil futures for February saw a decline of $1.36 or 1.7 percent, closing at $78.68 per barrel.
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