Higher Open Predicted For Taiwan Stock Market – Markets Insider

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(RTTNews) – The Taiwan stock market has finished higher in two of three trading days since the end of the two-day losing streak in which it had given away more than 60 points or 0.6 percent. The Taiwan Stock Exchange now rests just beneath the 10,780-point plateau and it’s looking at another green light on Wednesday.

The global forecast for the Asian markets is upbeat thanks to solid earnings news and a bounce in crude oil prices. The European and U.S. markets were up and the European bourses figure to follow suit.

The TSE finished sharply higher on Tuesday as gains from the financials and technology stocks were dented by weakness from the steel producers.

For the day, the index climbed 114.69 points or 1.08 percent to finish at 10,779.24 after trading between 10,687.26 and 10,787.58 on turnover of 136.37 billion Taiwan dollars.

Among the actives, Fubon Financial spiked 4.79 percent, while Cathay Financial surged 6.53 percent, Mega Financial climbed 1.27 percent, CTBC Financial jumped 1.28 percent, Taiwan Semiconductor Manufacturing Company advanced 1.89 percent, Catcher Technology soared 2.15 percent, United Microelectronics Corporation perked 1.57 percent, Largan Precision shed 0.63 percent, Hon Hai Precision was unchanged, China Steel dipped 0.21 percent and Taiwan Steel dropped 1.14 percent.

The lead from Wall Street is firm as stocks moved higher on Tuesday, allowing the major averages to hit new record closing highs.

The Dow climbed 160.50 points or 0.69 percent to 23,590.83, while the NASDAQ jumped 71.76 points or 1.06 percent to 6,862.48 and the S&P added 16.89 points or 0.65 percent to 2,599.03.

Upbeat earnings news also contributed to the continued strength on Wall Street as Hormel Foods (HRL) and retailer Urban Outfitters (URBN) both reported better than expected Q3 results, while Lowe’s (LOW) and Campbell Soup (CPB) missed.

In economic news, the National Association of Realtors reported a much than expected jump in existing home sales in October.

Crude oil futures were slightly higher as OPEC meets next week to determine if it will extend its supply quota plan through 2018. January WTI oil gained 41 cents or 0.7 percent to $56.83/bbl.

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