Taiwan Stock Market Tipped To Open In The Green

(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, advancing more than 360 points or 2.9 percent along the way. The Taiwan Stock Exchange now rests just beneath the 13,350-point plateau and it's looking at another solid start for Wednesday's trade.

The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the financials, technology stocks, cement companies and plastics.

For the day, the index advanced 124.03 points or 0.94 percent to finish at 13,347.76 after trading between 13,274.91 and 13,389.25.

Among the actives, Cathay Financial was up 0.38 percent, while Mega Financial collected 0.66 percent, CTBC Financial gained 0.47 percent, Fubon Financial improved 0.76 percent, First Financial gathered 0.60 percent, Taiwan Semiconductor Manufacturing Company rallied 2.31 percent, United Microelectronics Corporation rose 0.25 percent, Largan Precision perked 0.26 percent, Catcher Technology added 0.58 percent, Delta Electronics increased 0.37 percent, Novatek Microelectronics strengthened 1.57 percent, Formosa Plastics climbed 1.06 percent, Nan Ya Plastics jumped 0.71 percent, Asia Cement advanced 0.93 percent, Taiwan Cement spiked 2.10 percent and Hon Hai Precision, MediaTek and E Sun Financial were unchanged.

The lead from Wall Street is positive as the major averages accelerated Tuesday morning, faded in the afternoon but steadied going into the close.

The Dow surged 333.83 points or 1.02 percent to finish at 33,160.83, while the NASDAQ advanced 51.68 points or 0.49 percent to end at 10,616.20 and the S&P 500 gained 21.31 points or 0.56 percent to close at 3,828.11.

The higher close on Wall Street reflected recent upward momentum, with the major averages adding to the strong gains posted Monday and last Friday to further offset last week's pullback.

The continued strength also came as traders awaited the outcome of Tuesday's U.S. midterm elections, which will determine control of Congress.

The early afternoon pullback by stocks coincided with a steep drop by Bitcoin and other cryptocurrencies, which followed news Binance, the world's largest cryptocurrency exchange, reached a deal to buy competitor FTX.

Crude oil prices drifted lower on Tuesday as reports showing a surge in COVID-19 cases in China raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended lower by $2.88 or 3.1 percent at $88.91 a barrel.