Win Streak May End For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in four straight sessions, surging more than 2,800 points or 6 percent along the way. Now at a fresh record closing high, the Taiwan Stock Exchange sits just above the 46,450-point plateau although it's likely to see profit taking on Thursday.

The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.

The TSE finished sharply higher on Wednesday following gains from the financial shares, technology stocks and plastics companies.

For the day, the index spiked 901.85 points or 1.98 percent to finish at 46,459.16 after trading between 45,660.46 and 46,552.16.

Among the actives, Cathay Financial rallied 2.91 percent, while Mega Financial dipped 0.12 percent, CTBC Financial skyrocketed 9.98 percent, First Financial accelerated 3.02 percent, Fubon Financial fell 0.44 percent, E Sun Financial collected 2.48 percent, Taiwan Semiconductor Manufacturing Company jumped 1.89 percent, United Microelectronics Corporation plummeted 7.77 percent, Hon Hai Precision vaulted 2.49 percent, Largan Precision spiked 3.51 percent, Catcher Technology soared 4.68 percent, MediaTek and Nan Ya Plastics both added 0.44 percent, Delta Electronics expanded 4.03 percent, Novatek Microelectronics sank 0.79 percent, Formosa Plastics strengthened 2.16 percent and Asia Cement climbed 1.18 percent.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.

The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.

The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.

U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted "self-defense" strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.

Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.

In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.