Taiwan Bourse Has Solid Lead For Thursday's Trade

(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, gathering more than 435 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 23,215-point plateau and it's expected open to the upside again on Thursday.

The global forecast for the Asian markets is upbeat following a clear result in the U.S. presidential election. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished modestly higher on Wednesday as gains from the technology stocks were offset by losses from the financial sector.

For the day, the index climbed 110.59 points or 0.48 percent to finish at 23,217.38 after trading between 23,035.30 and 23,439.39.

Among the actives, Cathay Financial fell 0.34 percent, while Mega Financial skidded 1.02 percent, First Financial sank 0.74 percent, Fubon Financial dropped 0.98 percent, E Sun Financial slumped 0.92 percent, Taiwan Semiconductor Manufacturing Company advanced 0.95 percent, United Microelectronics Corporation climbed 1.10 percent, Hon Hai Precision slid 0.23 percent, Largan Precision improved 0.86 percent, Catcher Technology plunged 4.86 percent, MediaTek rallied 1.16 percent, Delta Electronics increased 1.13 percent, Novatek Microelectronics strengthened 1.23 percent, Nan Ya Plastics was down 0.24 percent, Asia Cement declined 1.16 percent and CTBC Financial and Formosa Plastics were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher and only accelerated as the day progressed, ending at session highs.

The Dow surged 1,508.05 points or 3.57 percent to finish at 43,729.93, while the NASDAQ rallied 544.29 points or 2.95 percent to close at 18,983.46 and the S&P 500 spiked 146.28 points or 2.53 percent to end at 5,929.04.

The extended rally on Wall Street came after former President Trump was declared the winner in the presidential election versus Vice President Kamala Harris.

The decisive victory helped avoid the uncertainty that would be created by a prolonged vote counting process and potential legal challenges.

Traders will turn their attention to the Federal Reserve, which is due to announce its latest monetary policy decision later today. The Fed is widely expected to lower interest rates by 25 basis points, but the accompanying statement could the impact the outlook for future rate cuts.

Oil prices drifted lower on Wednesday after data showed crude inventories in the U.S. rose more than expected last week, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for December closed down $0.30 or 0.42 percent at $71.69 a barrel.

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