Additional Support Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has tracked higher in five straight sessions, collecting more than 830 points or 3.3 percent along the way. The Taiwan Stock Exchange now sits just beneath the 24,850-point plateau and it may add to its winnings again on Wednesday.

The global forecast for the Asian markets suggests mild upside on growing optimism about the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

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

For the day, the index jumped 307.80 points or 1.25 percent to finish at 24,855.18 after trading between 24,650.46 and 24,880.07.

Among the actives, Mega Financial strengthened 1.35 percent, while First Financial climbed 1.19 percent, E Sun Financial collected 0.89 percent, Taiwan Semiconductor Manufacturing Company rallied 1.69 percent, United Microelectronics Corporation fell 0.36 percent, Hon Hai Precision jumped 1.97 percent, Largan Precision sank 0.83 percent, Catcher Technology gained 0.53 percent, MediaTek surged 5.59 percent, Delta Electronics skyrocketed 7.99 percent, Novatek Microelectronics slumped 1.14 percent, Nan Ya Plastics added 0.65 percent and Asia Cement, Formosa Plastics, Cathay Financial, CTBC Financial and Fubon Financial were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday and trended generally higher to finish at record closing highs.

The Dow climbed 196.39 points or 0.43 percent to finish at 45,711.34, while the NASDAQ improved 80.79 points or 0.37 percent to close at 21,193.11 and the S&P 500 gained 17.46 points or 0.27 percent to end at 6,512.61.

The strength on Wall Street reflected ongoing optimism about the outlook for interest rates ahead of closely watched inflation data in the coming days. The Labor Department is scheduled to release reports on producer price inflation and consumer price inflation today and tomorrow, respectively.

While last Friday's weaker-than-expected jobs data increased confidence that the Fed will cut interest rates at its meeting next week, the inflation data could influence how aggressively the central bank lowers rates.

In U.S. economic news, the Labor Department said non-farm employment for the 12 months through March 2025 was downwardly revised by 911,000 jobs, also fueling optimism for a rate cut.

Crude oil advanced on Tuesday, extending gains for the second day amid increasing expectations of western sanctions against Russia, while the Israeli attack on Qatar added support to oil prices. West Texas Intermediate crude for October delivery was up $0.29 or 0.47 percent at $62.55 per barrel.