Friday, January 26, 2024

Tech Shares May Lead Taiwan Stock Market Higher

Tech Shares May Lead Taiwan Stock Market Higher

(RTTNews) - Taiwan's stock market rose for three straight sessions, gaining nearly 650 points, or 3.8 percent. Taiwan's stock market is now above the 17,815 high and could continue its winning streak on Tuesday.

The global outlook for Asian markets is positive amid optimism for future earnings, particularly in technology stocks. Markets in Europe and America are higher, and Asian exchanges are also open.

The TSE closed marginally higher on Monday following mixed performances in financials, technology and cement stocks.

The index rose 133.58 points, or 0.76 percent, to 17,815.10 after trading between 17,765.13 and 17,869.07.

Among the assets, Cathay Financial gained 0.11 percent, Mega Financial gained 0.53 percent, CTBC Financial gained 1.08 percent, First Financial gained 0.19 percent, Fubon Financial gained 0.32 percent, E Sun Financial gained 0.61 percent and United Corporation 24 Rolectics. Hon Hai Precision lost 0.60 percent, Largan Precision 0.80 percent, Catcher Technology 0.25 percent, Mediatech 0.22 percent, Delta Electronics 2.11 percent, Novatek Microelectronics 0.58 percent, Formosa Ya84 0.80 percent and Formosa Plastics lost 0.80 percent. Asia Cement was up 0.38 percent, Taiwan Cement was up 0.31 percent, China Steel was up 0.41 percent and Taiwan Semiconductor Manufacturing Co. was flat.

Wall Street was in good shape as the major indexes rose sharply and the Dow Jones and S&P hit all-time daily highs. They faded as the day wore on, but still complimented the green nicely.

The Dow gained 138.01 points, or 0.36 percent, to 38,001.81, the NASDAQ gained 49.32 points, or 0.32 percent, to 15,360.29 and the S&P 500 gained 10.62. It rose 10.62 percent to 15,360, or an increase of 29 points.

Early gains on Wall Street were buoyed by continued optimism over the earnings prospects of major technology companies including Intel ( INTC ) and IBM Corp. ( IBM ) and Netflix ( NFLX ), are expected to report quarterly results this week.

In economic news, the Conference Board reported a slight decline in its leading index of US economic indicators in December.

Oil prices have risen sharply at the moment amid fears of supply cuts in the Middle East and a severe cold snap in North America. West Texas Intermediate crude futures for February settled at $75.19 a barrel, up $1.78, or about 2.4 percent.

The stock market today. The rise of the Nasdaq, the rise of chip makers and the rise of Apple January 18, 2024

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