Taiwan Stock Market Expected To See Additional Support

(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the two-day slide in which it had stumbled more than 230 points or 1.8 percent. The Taiwan Stock Exchange now rests just above the 13,575-point plateau and it's got a strong lead again for Wednesday's trade.

The global forecast for the Asian markets is upbeat on continued bargain hunting, particularly among the technology stocks and energy companies. The European and U.S. markets were sharply higher and the Asian bourses are predicted to follow that lead.

The TSE finished sharply higher on Tuesday with gains in all sectors, especially the financials an technology stocks.

For the day, the index soared 276.04 points or 2.08 percent to finish at 13,576.52 after trading between 13,447.36 and 13,586.96.

Among the actives, Cathay Financial climbed 1.41 percent, while Mega Financial perked 0.16 percent, CTBC Financial collected 2.28 percent, Fubon Financial gathered 1.12 percent, First Financial fell 0.39 percent, E Sun Financial dipped 0.20 percent, Taiwan Semiconductor Manufacturing Company spiked 2.88 percent, United Microelectronics Corporation skyrocketed 6.65 percent, Hon Hai Precision strengthened 1.49 percent, Largan Precision soared 4.59 percent, Catcher Technology jumped 1.78 percent, MediaTek surged 4.56 percent, Delta Electronics rallied 2.58 percent, Formosa Plastics improved 1.50 percent, Nan Ya Plastics was up 0.15 percent, Asia Cement advanced 1.03 percent and Taiwan Cement added 0.59 percent.

The lead from Wall Street is broadly positive for the second straight day as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 825.43 points or 2.80 percent to finish at 30,316.32, while the NASDAQ soared 360.97 points or 3.34 percent to end at 11,176.41 and the S&P 500 spiked 112.50 points or 3.06 percent to close at 3,790.93.

The continued strength on Wall Street came as investors scooped up bargains following a brutal September. The rally was also fueled by a lower dollar and falling treasury yields.

Traders also continue to bet that the Federal Reserve may slow the pace of its interest rate hikes on the heels of some disappointing economic data earlier in the week.

Crude oil prices rose sharply Tuesday, extending gains from the previous session as traders continued to bet on hopes the OPEC will agree to a large cut in crude output later today. West Texas Intermediate Crude oil futures for November settled at $86.52 a barrel, up $2.89 or 3.5 percent.