Win Streak May Continue For Taiwan Stock Market

The Taiwan stock market has moved higher in back-to-back sessions, accelerating almost 400 points or 2.5 percent along the way. The Taiwan Stock Exchange now sits just beneath the 16,400-point plateau and it’s expected to open in the green again on Friday.

The global forecast for the Asian markets is upbeat on rising optimism about the outlook for interest rates. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The TSE finished sharply higher on Thursday with gains across the board, particularly among the financials and technology stocks.

For the day, the index surged 358.39 points or 2.23 percent to finish at the daily high of 16,396.95 after moving as low as 16,094.26.

Among the actives, Cathay Financial collected 1.24 percent, while Mega Financial advanced 3.14 percent, CTBC Financial gained 1.44 percent, First Financial added 0.76 percent, Fubon Financial gathered 1.50 percent, E Sun Financial improved 1.26 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.60 percent, United Microelectronics Corporation rallied 2.66 percent, Hon Hai Precision climbed 1.46 percent, Largan Precision rose 0.48 percent, Catcher Technology strengthened 1.38 percent, MediaTek jumped 2.60 percent, Delta Electronics soared 4.01 percent, Novatek Microelectronics spiked 3.19 percent, Formosa Plastics was up 0.52 percent, Nan Ya Plastics increased 1.77 percent, Taiwan Cement perked 0.78 percent and Asia Cement was unchanged.

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

The Dow surged 564.50 points or 1.70 percent to finish at 33,839.08, while the NASDAQ jumped 232.72 points or 1.78 percent to end at 13,294.19 and the S&P 500 rallied 79.92 points of 1.89 percent to close at 4,317.78.

The rally on Wall Street came on optimism about the outlook for interest rates following the Federal Reserve’s monetary policy announcement on Wednesday. The Fed left rates unchanged for the third time in the past four meetings, suggesting the central bank is done raising interest rates.

Treasury yields moved notably lower Wednesday and showed another significant move to the downside today, adding to the buying interest.

Traders will look now to the Labor Department’s closely watched employment report for the month of October, due out later today.

Crude oil futures climbed higher Thursday as the dollar weakened on bets the Federal Reserve is done with its rate hiking cycle. West Texas Intermediate Crude oil futures for December rallied $2.02 or 2.5 percent at $82.46 a barrel.