Taiwan Stock Market Poised To Extend Wednesday’s Gains

The Taiwan stock market has tracked higher in two of three trading days since the end of the two-day slide in which it had dropped almost 90 points or 0.6 percent. The Taiwan Stock Exchange now sits just above the 17,120-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat after the Federal Reserve said to scale back stimulus as expected and not worse – although weakness from crude oil may limit the upside. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished modestly higher on Wednesday following gains from the financial shares and the technology stocks.

For the day, the index added 56.19 points or 0.33 percent to finish at 17,122.16 after trading between 17,080.51 and 17,153.76.

Among the actives, Cathay Financial collected 0.35 percent, while Mega Financial was up 0.30 percent, CTBC Financial climbed 1.08 percent, Fubon Financial gathered 0.14 percent, United Microelectronics Corporation added 0.34 percent, Largan Precision advanced 0.98 percent, Catcher Technology perked 0.31 percent, MediaTek rose 0.43 percent, Delta Electronics tumbled 1.98 percent, Formosa Plastic gained 0.94 percent and Asia Cement, Taiwan Cement, Taiwan Semiconductor Manufacturing Company, Hon Hai Precision, First Financial and E Sun Financial were unchanged.

The lead from Wall Street ends up positive as the major averages opened lower on Wednesday and languished in the red before a late rally sent them into the green at fresh record closing highs.

The Dow climbed 104.95 points or 0.29 percent to finish at 36,157.58, while the NASDAQ jumped 161.98 points or 1.04 percent to close at 15,811.58 and the S&P 500 gained 29.92 points or 0.65 percent to end at 4,660.57.

The late-day advance on Wall Street came after the Fed announced its widely expected decision to begin scaling back its asset purchases later this month.

The Fed said it plans to reduce its $120 billion in monthly bond purchases by $15 billion per month, citing the substantial further progress the economy has made toward its goals of maximum employment and price stability.

In economic news, payroll processor ADP said private sector employment in the U.S. increased more than expected in October. Also, the Institute for Supply Management showed growth in U.S. service sector accelerated to a new record high last month.

Crude oil futures settled sharply lower Wednesday after data showed a significant jump in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for December ended down by $2.74 or 3.3 percent at $81.17 a barrel.