The Taiwan stock market on Wednesday ended the two-day slide in which it had dropped more than 500 points or 2.6 percent. The Taiwan Stock Exchange now sits just above the 16,210-point plateau although it's likely to head south again on Thursday.
The global forecast for the Asian is mixed to lower thanks to renewed concerns over bond yields. The European markets were up and the U.S. bourses were down and the somewhat overbought Asian markets are tipped to follow the latter lead.
The TSE finished sharply higher on Wednesday following gains from the financial shares, technology stocks and cement companies.
For the day, the index spiked 264.85 points or 1.66 percent to finish at the daily high of 16,211.73 after trading as low as 15,884.55.
Among the actives, Cathay Financial climbed 1.55 percent, while Mega Financial rose 0.34 percent, CTBC Financial advanced 0.99 percent, Fubon Financial improved 1.80 percent, First Financial collected 0.47 percent, E Sun Financial added 0.40 percent, Taiwan Semiconductor Manufacturing Company rallied 2.13 percent, United Microelectronics Corporation tumbled 1.52 percent, Hon Hai Precision spiked 3.12 percent, Largan Precision jumped 2.84 percent, Catcher Technology gathered 2.33 percent, MediaTek accelerated 3.33 percent, Formosa Plastic perked 2.85 percent, Asia Cement climbed 1.41 percent and Taiwan Cement gained 1.07 percent.
The lead from Wall Street is negative as stocks opened mixed on Wednesday but ended firmly in the red, with the tech-heavy NASDAQ hit especially hard.
The Dow sank 121.43 points or 0.39 percent to finish at 31,270.09, while the NASDAQ plummeted 361.04 points or 2.70 percent to end at 12,997.75 and the S&P 500 dropped 50.57 points or 1.31 percent to close at 3,819.72.
The continued weakness on Wall Street came as bond yields saw a notable rebound after trending lower over the past few sessions. Yields remain well off the highs set last week, but renewed concerns about the outlook for interest rates and inflation weighed on highly-flying tech stocks.
The rebound by yields came amid optimism about the coronavirus vaccine rollouts, which had also contributed to an advance by stocks futures before the bond markets opened. President Joe Biden has said the U.S. will have enough vaccine supply for every adult in America by the end of May.
In economic news, payroll processor ADP noted weaker than expected private sector job growth in February, while the Institute for Supply Management reported a slowdown in the pace of growth in U.S. service sector activity last month.
Crude oil futures were sharply higher Wednesday amid speculation that OPEC may decide to extend production curbs for the near future. West Texas Intermediate Crude oil futures for April ended up $1.53 or 2.62 percent at $61.28 a barrel.
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