Technology stocks

Tech stocks expected to boost Taiwan stock market

(RTTNews) – Taiwan’s stock market rebounded higher on Tuesday, a session after ending a three-day winning streak in which it had climbed nearly 330 points or 1.9%. The Taiwan Stock Exchange is now just below the 17,790 point plateau and is expected to open again in the green on Wednesday.

Global forecasts for Asian markets are optimistic about allaying concerns over Covid and soaring oil prices. The European and US markets were up and Asian stock exchanges are expected to open similarly.

The TSE ended slightly higher on Tuesday following gains in tech and financial stocks, while cement companies were mixed.

For the day, the index gained 120.16 points or 0.68% to end at 17,789.27 after trading between 17,652.32 and 17,825.89.

Among assets, Cathay Financial collected 0.67%, while Mega Financial lost 0.69%, CTBC Financial rose 1.18%, Fubon Financial gained 0.94%, First Financial added 0.63 %, E Sun Financial rose 0.54%, Taiwan Semiconductor Manufacturing Company fell 0.17%, United Microelectronics Corporation rose 1.13%, Hon Hai Precision jumped 1.46%, Largan Precision a climbed 6.17%, Catcher Technology climbed 2.61%, MediaTek climbed 3.32%, Delta Electronics improved 0.76%, Formosa Plastic increased 1.47%, Asia Cement Taiwan’s Cement rose 0.81 percent and slipped 0.32 percent.

Wall Street’s lead is solid as major averages opened higher on Tuesday and accelerated to the close, finishing near daily highs.

The Dow Jones jumped 560.54 points or 1.60% to close at 35,492.70, while the NASDAQ climbed 360.14 points or 2.40% to close at 15,341.09 and the S&P 500 jumped 81.21 points or 1.78% to finish at 4,649.23.

The bargain hunt contributed to Wall Street’s strength as traders recovered stocks to reduced levels following recent weakness. Monday’s sharp drop took NASDAQ to its lowest closing level in more than two months.

The rebound follows a report from Moderna (MRNA) on the effectiveness of a booster dose of its Covid-19 vaccine against the Omicron variant – which said that a booster dose of its Covid-19 vaccine increased the antibody levels against Omicron.

Crude oil futures stabilized sharply higher on Tuesday as prices rebounded from losses in the previous two sessions. West Texas Intermediate crude oil futures for February ended $ 2.51 or 3.7% at $ 71.12 a barrel.

Closer to home, Taiwan will provide November unemployment figures later today; in October, the unemployment rate was 3.84 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.