Higher Open Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market moved higher again on Friday, one day after snapping the three-day winning streak in which it had advanced more than 310 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 13,025-point plateau and it's looking at another solid start for Monday's trade.

The global forecast for the Asian markets is upbeat following stronger than expected employment data from the United States. The European and U.S. markets were solidly higher and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Friday following gains from the financials and cement companies, while the technology and plastic stocks were mixed.

For the day, the index rose 40.11 points or 0.31 percent to finish art 13,026.71 after trading between 12,868.25 and 13,029.94.

Among the actives, Cathay Financial collected 0.26 percent, while Mega Financial strengthened 1.55 percent, CTBC Financial jumped 1.70 percent, Fubon Financial fell 0.39 percent, First Financial improved 1.63 percent, Taiwan Semiconductor Manufacturing Company shed 0.52 percent, United Microelectronics Corporation dipped 0.26 percent, Hon Hai Precision and MediaTek both lost 0.50 percent, Largan Precision added 0.53 percent, Catcher Technology sank 0.87 percent, Delta Electronics advanced 0.94 percent, Novatek Microelectronics climbed 1.02 percent, Formosa Plastics perked 0.12 percent, Nan Ya Plastics retreated 1.16 percent, Asia Cement rose 0.40 percent, Taiwan Cement gained 0.50 percent and E Sun Financial was unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Friday, faded midday but bounced higher again late in the session.

The Dow surged 402.02 points or 1.26 percent to finish at 32,403.22, while the NASDAQ jumped 132.35 points or 1.28 percent to close at 10,475.25 and the S&P 500 climbed 50.66 points or 1.36 percent to end at 3,770.55.

For the week, the NASDAQ plummeted 5.7 percent, the S&P tumbled 3.4 percent and the Dow dropped 1.4 percent.

The volatility followed the release of the Labor Department's closely watched monthly employment report for October.

The report showed non-farm payroll employment jumped by 261,000 jobs in October after surging by an upwardly revised 315,000 jobs in September.

The report generated a mixed reaction among traders, creating uncertainty about the outlook for future interest rate hikes.

Crude oil prices climbed higher Friday amid easing concerns about the outlook for energy demand. A weak dollar and fears of a ban by the European Union on Russian oil also supported crude oil prices. West Texas Intermediate Crude oil futures for December ended higher by $4.44 or 5 percent at $92.61 a barrel.