Higher Open Anticipated For Taiwan Shares

(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the two-day slide in which it had dropped almost 360 points or 1.7 percent. The Taiwan Stock Exchange now sits just above the 21,125-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for tariffs and the economy. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the financials and plastics, while the technology companies came in mixed.

For the day, the index gained 124.22 points or 0.59 percent to finish at 21,126.93 after trading between 21,110.63 and 21,303.21.

Among the actives, Mega Financial collected 0.77 percent, while CTBC Financial perked 0.16 percent, First Financial dipped 0.19 percent, Fubon Financial spiked 2.20 percent, E Sun Financial added 0.50 percent, Taiwan Semiconductor Manufacturing Company gained 0.42 percent, United Microelectronics Corporation improved 0.64 percent, Hon Hai Precision shed 0.66 percent, Largan Precision dropped 0.88 percent, Catcher Technology lost 0.47 percent, MediaTek climbed 1.19 percent, Delta Electronics soared 3.27 percent, Novatek Microelectronics rose 0.51 percent, Formosa Plastics gathered 0.45 percent, Nan Ya Plastics increased 0.55 percent, Asia Cement was up 0.24 percent and Cathay Financial was unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, climbing steadily higher to end near session highs.

The Dow rallied 214.16 points or 0.51 percent to finish at 42,519.64, while the NASDAQ jumped 156.34 points or 0.81 percent to close at 19,398.96 and the S&P 500 added 34.43 points or 0.58 percent to end at 5,970.37.

The continued strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.

Meanwhile, traders continued to await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.

While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.

The price of crude oil showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.