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Taiwan Stock Market Expected To See Additional Support

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(RTTNews) – The Taiwan stock market has moved higher in three straight sessions, surging more than 1,040 points or 7.7 percent along the way. The Taiwan Stock Exchange now rests just beneath the 14,550-point plateau and it’s got a solid lead for Wednesday’s trade.

The global forecast for the Asian markets is upbeat on optimism for the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished sharply higher on Tuesday following gains from the financial shares and the technology stocks, while the cement and plastic companies were mixed.

For the day, the index soared 371.41 points or 2.62 percent to finish at 14,546.31 after trading between 14,278.53 and 14,568.51.

Among the actives, Cathay Financial jumped 1.56 percent, while Mega Financial shed 0.48 percent, CTBC Financial accelerated 1.38 percent, Fubon Financial perked 0.18 percent, First Financial rose 0.39 percent, E Sun Financial collected 0.62 percent, Taiwan Semiconductor Manufacturing Company skyrocketed 7.87 percent, United Microelectronics Corporation surged 3.79 percent, Largan Precision rallied 3.66 percent, Catcher Technology strengthened 1.63 percent, MediaTek soared 3.59 percent, Delta Electronics spiked 2.63 percent, Novatek Microelectronics climbed 1.01 percent, Formosa Plastics lost 0.56 percent, Nan Ya Plastics was up 0.27 percent, Asia Cement gathered 0.37 percent, Taiwan Cement dropped 0.88 percent and Hon Hai Precision was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday and then bounced higher again to end in the green.

The Dow added 56.22 points or 0.17 percent to finish at 33,592.92, while the NASDAQ jumped 162.19 point or 1.45 percent to end at 11,358.41 and the S&P 500 gained 34.48 points or 0.87 percent to close at 3,991.73.

The early rally on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. crept up much less than expected in October.

Following last week’s tamer-than-expected consumer price inflation report, the data added to optimism about the Federal Reserve slowing the pace of interest rate hikes as soon as next month.

However, stocks pulled back well off their best levels of the day following reports Russian missiles crossed into Poland, killing two people.

Crude oil futures settled higher Tuesday, thanks to the smaller-than-expected increase in U.S. producer prices in October. West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel.

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

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