Taiwan Stock Market Tipped To Open In The Green

The Taiwan stock market on Monday ended the two-day slide in which it had dropped almost 90 points or 0.6 percent. The Taiwan Stock Exchange now sits just beneath the 17,070-point plateau and it’s predicted to extend its gains on Tuesday.

The global forecast for the Asian markets is positive ahead of Wednesday’s policy announcement from the Federal Reserve and on support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The TSE finished modestly higher on Monday following mixed performances from the financial shares and technology stocks.

For the day, the index advanced 80.83 points or 0.48 percent to finish at 17,068.24 after trading between 17,021.77 and 17,119.43.

Among the actives, Cathay Financial dropped 0.86 percent, while Mega Financial fell 0.30 percent, CTBC Financial sank 0.65 percent, Fubon Financial retreated 0.68 percent, First Financial dipped 0.22 percent, E Sun Financial collected 0.38 percent, United Microelectronics Corporation shed 0.69 percent, Hon Hai Precision lost 0.47 percent, Largan Precision jumped 1.93 percent, Catcher Technology climbed 1.24 percent, MediaTek advanced 0.99 percent, Delta Electronics surged 5.10 percent, Formosa Plastic was down 0.47 percent, Asia Cement dipped 0.23 percent and Taiwan Cement and Taiwan Semiconductor Manufacturing Company were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained mostly in the green throughout the session, finishing with modest gains and at record closing highs.

The Dow climbed 94.28 points or 0.26 percent to finish at 35,913.84, while the NASDAQ jumped 97.53 points or 063 percent to close at 15,595.92 and the S&P 500 rose 8.29 points or 0.18 percent to end at 4,613.67.

The choppy trading on Wall Street came as traders looked ahead to Wednesday’ announcement from the Fed. The central bank is expected to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.

A batch of upbeat earnings news has also contributed to a recent upward trend, as most major companies have reported better than expected quarterly results.

In economic news, the Institute for Supply Management noted a modest slowdown in the pace of growth in U.S. manufacturing activity in October. Also, the Commerce Department said construction spending in the U.S. unexpectedly decreased in September.

Crude oil prices moved higher on Monday with traders weighing energy demand and supply levels and looking ahead to the upcoming OPEC meeting. West Texas Intermediate Crude oil futures for December ended higher by $0.48 or 0.6 percent at $84.05 a barrel.