Higher Open Expected For Taiwan Stock Market

By On October 31, 2018

Higher Open Expected For Taiwan Stock Market

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(RTTNews.com) - The Taiwan stock market has climbed higher in three straight sessions, advancing more than 310 points or 3.2 percent along the way. The Taiwan Stock Exchange now rests just above the 9,800-point plateau and it's looking at another green light again on Thursday.

The global forecast for the Asian markets is positive thanks to upbeat earnings news and economic data. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The TSE finished sharply higher on Wednesday with broadly based support - particularly among the financials, technology stocks and steel companies.

For the day, the index soared 276.02 poin ts or 2.90 percent to finish at the daily high of 9,802.13 after moving as low as 9,588.86 on turnover of 128.72 billion Taiwan dollars.

Among the actives, MediaTek skyrocketed 9.90 percent, while Taiwan Semiconductor Manufacturing Company soared 4.93 percent, United Microelectronics Corporation was up 0.85 percent, AsusTek Computer added 0.88 percent, AU Optronics spiked 3.83 percent, Largan Precision surged 5.85 percent, Hon Hai Precision perked 3.14 percent, Formosa Plastic gained 2.43 percent, Asia Cement advanced 3.31 percent, Cathay Financial collected 1.34 percent, CTBC Financial jumped 3.51 percent, Fubon Financial climbed 2.00 percent, Mega Financial gathered 2.75 percent, Chunghwa Telecom added 0.92 percent, China Steel jumped 1.04 percent and Taiwan Steel Union climbed 1.30 percent.

The lead from Wall Street is solid as stocks moved mostly higher on Wednesday, extending gains from the previous session.

The Dow added 241.12 points or 0.97 percent to 25,115.76, while the NASDAQ jumped 144.25 points or 2.01 percent to 7,305.90 and the S&P gained 29.11 points or 1.09 percent to 2,711.74.

The continued strength on Wall Street reflected a positive reaction to the latest earnings news from big-name companies such as General Motors (GM), eBay (EBAY) and Facebook (FB).

Buying interest was also generated by a report from payroll processor ADP showing stronger than expected private sector job growth in October - which fueled optimism about the Labor Department's more closely watched monthly jobs report due on Friday.

Crude oil prices fell Wednesday, extending a recent slide as data from U.S. Energy Information Administration showed crude stockpiles increased last week, rising for a sixth straight week. Crude oil futures for December slid $0.87 or 1.3 percent to $65.31 a barrel.

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This article appears in: World Markets , Banking and Loans , US Markets , StocksSource: Google News Taiwan | Netizen 24 Taiwan

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