Taiwan's stock market on Wednesday ended a two-day losing streak in which it had fallen more than 110 points or 0.6 percent. The Taiwan Stock Exchange is now just below the 22,050 plateau and could extend its gains on Thursday.
The global forecast for Asian countries. markets is generally optimistic following the FOMC rate decision. European markets were up and US stocks were mixed and Asian markets were supposed to split the difference.
The TSE closed sharply higher on Wednesday following gains from the technology and cement, while finances were mixed and soft plastics.
During the day, the index rose 256.84 points or 1.18 percent to end at 22,048.96 after trading between 21,841.81 and 22,094.94.
Among assets, Cathay Financial fell 1.36 percent, while Mega Financial rose 0.13 percent, CTBC Financial added 0.40 percent, Fubon Financial fell 1.68 percent, E Sun Financial raised 0.52 percent, Taiwan Semiconductor Manufacturing Company accelerated 2.94 percent, United Microelectronics Corporation and First Financial both lost 0.36 percent, Hon Hai Precision soared 3.88 percent, Largan Precision soared 6.55 percent, Catcher Technology fell 0.22 percent, MediaTek soared 2.36 percent, Delta Electronics rose 1.03 percent, Novatek Microelectronics jumped 2.02 percent, Formosa Plastics fell 0.98 percent, Nan Ya Plastics fell 1.38 percent, Asia Cement rose 0.12 percent, Taiwan Cement gained 0.46 percent and China Steel fell 0.21 percent.
Wall Street management is cautiously optimistic as the major averages opened higher on Wednesday, although the Dow failed to maintain its gains and fell into the red.
The Dow Jones lost 35.21 points or 0.09 percent to finish at 38,712.21, while the Nasdaq rallied 264.89 points or 1.53 percent to close at 17,608.44 and the S&P 500 gained 45.71. points or 0.85 percent to close at 5,421.03.
The initial rally on Wall Street followed the release of a Labor Department report showing that U.S. consumer prices remained unexpectedly stable in May, leading to renewed optimism about the outlook for interest rates.
But later that same day, the Federal Reserve's monetary policy announcement revealed that officials now expect only one interest rate cut this year.
The Federal Reserve acknowledged modest progress toward its inflation target in recent months, but said officials still need greater confidence that inflation is moving sustainably toward the goal before considering lowering rates.
Oil prices rose on Wednesday on hopes of higher demand and tighter supply conditions later in the year, as well as a weak dollar. July West Texas Intermediate crude oil futures rose $0.60 to $78.50 a barrel.
For comments and suggestions, please contact: editorial@rttnews.com
