Higher Open Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has tracked higher in three straight sessions, improving almost 1,000 points or 4.3 percent in that span. The Taiwan Stock Exchange now rests just above the 23,250-point plateau and it may move to the upside again on Thursday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates, although geopolitics may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Wednesday following gains from the technology stocks, weakness from the plastics and a mixed performance from the financials.

For the day, the index jumped 227.87 points or 0.99 percent to finish at the daily high of 23,255.33 after trading as low as 23,034.70.

Among the actives, First Financial collected 0.36 percent, while Fubon Financial fell 0.33 percent, E Sun Financial dropped 0.90 percent, Taiwan Semiconductor Manufacturing Company strengthened 1.42 percent, United Microelectronics Corporation sank 0.78 percent, Hon Hai Precision rallied 2.29 percent, Largan Precision climbed 1.20 percent, Catcher Technology shed 0.75 percent, MediaTek added 0.38 percent, Delta Electronics advanced 1.02 percent, Novatek Microelectronics improved 0.94 percent, Formosa Plastics slumped 0.96 percent, Nan Ya Plastics tumbled 2.40 percent, Asia Cement plunged 2.53 percent and Cathay Financial, Mega Financial and CTBC Financial were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained in the green throughout the session before all ending at record closing highs.

The Dow rallied 308.51 points or 0.69 percent to finish at 45,014.04, while the NASDAQ spiked 254.21 points or 1.30 percent to close at 19,735.12 and the S&P gained 36.61 points or 0.61 percent to end at 6,086.49.

The strength on Wall Street was generated by optimism about the outlook for interest rates following the release of some weaker than expected U.S. economic data.

Payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in November. Also, the Institute for Supply Management showed U.S. service sector growth slowed more than anticipated last month.

Following the data, CME Group's FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.

However, during remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.

Crude oil prices tumbled on Wednesday on geopolitical concerns in the Middle East and in the Russia/Ukraine conflict, as well as political chaos in South Korea and France. West Texas Intermediate Crude oil futures for January closed down $1.40 or 2 percent at $68.54 a barrel.

Closer to home, Taiwan will release November numbers for consumer prices later today; in October, inflation was up 0.25 percent on month and 1.69 percent on year.

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