Taiwan Stock Market Has Solid Lead For Wednesday

(RTTNews) - The Taiwan stock market has moved higher in two of three trading days since the end of the two-day winning streak in which it had risen more than 300 points or 1.3 percent. The Taiwan Stock Exchange now sits just beneath the 22,190-point plateau and it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The TSE finished sharply higher on Tuesday following gains from the financial shares, technology stocks and plastics companies.

For the day, the index soared 456.74 points or 2.10 percent to finish at 22,188.76 after trading between 22,001.48 and 22,201.05.

Among the actives, Cathay Financial advanced 0.91 percent, while Mega Financial climbed 1.00 percent, First Financial collected 0.89 percent, Fubon Financial strengthened 1.65 percent, E Sun Financial and Asia Cement both improved 0.95 percent, Taiwan Semiconductor Manufacturing Company spiked 2.94 percent, United Microelectronics Corporation plunged 3.51 percent, Hon Hai Precision rallied 2.88 percent, Largan Precision accelerated 3.04 percent, Catcher Technology added 0.48 percent, MediaTek increased 1.20 percent, Delta Electronics soared 4.25 percent, Novatek Microelectronics gained 0.57 percent, Formosa Plastics gathered 1.29 percent, Nan Ya Plastics rose 1.66 percent and CTBC Financial was unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.

The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.

Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.

On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.