Higher Open Predicted For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in consecutive trading days, collecting more than 420 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just above the 23,040-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on easing inflation concerns. 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 following mixed performances from the financial shares, technology stocks and plastics companies.

For the day, the index jumped 206.96 points or 0.91 percent to finish at 23,042.90 after trading between 22,923.12 and 23,106.43.

Among the actives, Cathay Financial collected 0.63 percent, while Mega Financial added 0.48 percent, CTBC Financial rose 0.23 percent, First Financial perked 0.17 percent, Fubon Financial sank 0.81 percent, E Sun Financial eased 0.14 percent, Taiwan Semiconductor Manufacturing Company jumped 1.80 percent, United Microelectronics Corporation fell 0.23 percent, Hon Hai Precision shed 0.31 percent, Largan Precision spiked 1.77 percent, Catcher Technology dipped 0.24 percent, MediaTek climbed 1.08 percent, Delta Electronics rallied 1.21 percent, Novatek Microelectronics gained 0.30 percent, Formosa Plastics slumped 1.53 percent, Nan Ya Plastics was up 0.36 percent and Asia Cement stumbled 1.60 percent.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, dipped midday but then bounced higher heading into the close.

The Dow jumped 231.49 points or 0.53 percent to finish at 44,254.78, while the NASDAQ added 52.69 points or 0.25 percent to close at a fresh record high of 20,730.49 and the S&P 500 rose 19.94 points or 0.32 percent to end at 6,263.70.

Stocks came under pressure in late morning trade following reports President Donald Trump discussed the possibility of firing Federal Reserve Chair Jerome Powell during a meeting with House Republicans.

However, the major averages moved back to the upside after Trump said he's "not planning" on firing Powell.

The choppy trading on Wall Street also followed a Labor Department report showing producer prices in the U.S. unexpectedly came in flat in June. While the data helped ease inflation concerns, the Fed is still seen as likely to leave interest rates unchanged until September at the earliest.

Crude oil prices dropped for the third straight day on Wednesday after the Energy Information Administration said gasoline inventories increased by 3.4 million barrels last week and are slightly above the five-year average for this time of year. West Texas Intermediate crude for August delivery fell $0.14 to settle at $65.38 per barrel.