Taiwan Bourse May Reclaim 26,000-Point Level

(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, collecting more than 400 points or 1.6 percent along the way. The Taiwan Stock Exchange now sits just above the 25,980-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The TSE finished modestly higher on Wednesday following mixed performances from the financial shares, technology stocks and plastics companies.

For the day, the index climbed 162.37 points or 0.63 percent to finish at 25,982.91 after trading between 25,982.91 and 26,325.79.

Among the actives, Mega Financial lost 0.47 percent, while First Financial perked 0.17 percent, Fubon Financial skidded 1.02 percent, Taiwan Semiconductor Manufacturing Company spiked 1.53 percent, United Microelectronics Corporation surrendered 2.85 percent, Hon Hai Precision rallied 1.39 percent, Largan Precision rose 0.21 percent, Catcher Technology fell 0.55 percent, MediaTek tumbled 2.28 percent, Delta Electronics jumped 1.99 percent, Novatek Microelectronics tanked 2.46 percent, Formosa Plastics sank 0.78 percent, Asia Cement stumbled 2.85 percent and Nan Ya Plastics, Cathay Financial, CTBC Financial and E Sun Financial were unchanged.

The lead from Wall Street remains cautiously optimistic as the major averages opened lower on Wednesday but trended higher through the session and ended with modest gains.

The Dow added 43.21 points or 0.09 percent to finish at a record 46,441.10, while the NASDAQ gained 95.15 points or 0.42 percent to close at 22.755.16 and the S&P 500 rose 22.74 points or 0.34 percent to end at 6,711.20, also a record.

The initial pullback came after the U.S. government officially shut down early this morning after lawmakers failed to pass a temporary spending bill.

However, the early selling pressure was offset by optimism about the outlook for interest rates following the release of disappointing private sector employment data.

The subsequent turnaround also came as analysts pointed out that the markets have historically not been materially impacted by government shutdowns.

Crude oil prices fell sharply again Wednesday on concerns of excess supply after OPEC said it will hike output more than expected in November. West Texas Intermediate crude for November delivery was down by $0.60 or 0.96 percent at $61.77 per barrel.