Overbought Taiwan Stock Market Expected To Open To The Upside

(RTTNews) - The Taiwan stock market has finished higher in seven straight sessions, rallying almost 4,200 points or 12.6 percent in that span. The Taiwan Stock Exchange now sits just above the 36,720-point plateau and it's tipped to at least open higher on Thursday.

The global forecast for the Asian markets is murky, with profit taking warring with support from the oil and technology sectors. The European and U.S. markets were mixed and the Asian bourses are expected to behave similarly.

The TSE finished sharply higher on Wednesday following gains from the technology stocks and a mixed picture from the financial sector.

For the day, the index climbed 426.02 points or 1.17 percent to finish at 36,722.14 after trading between 36,369.11 and 37,064.16.

Among the actives, Mega Financial rose 0.38 percent, CTBC Financial dipped 0.16 percent, First Financial collected 0.87 percent, Fubon Financial eased 0.11 percent, E Sun Financial improved 0.76 percent, Taiwan Semiconductor Manufacturing Company vaulted 1.22 percent, United Microelectronics Corporation soared 4.02 percent, Largan Precision surged 5.62 percent, Catcher Technology strengthened 1.27 percent, MediaTek rallied 4.07 percent, Delta Electronics jumped 2.00 percent, Novatek Microelectronics expanded 1.63 percent, Formosa Plastics plunged 3.68 percent, Asia Cement and Nan Ya Plastics both lost 0.56 percent and Cathay Financial and Hon Hai Precision were unchanged.

The lead from Wall Street provides little clarity as the major averages opened higher on Wednesday, although the Dow splintered off and finished slightly under water.

The Dow shed 72.27 points or 0.15 percent to finish at 48,463.72, while the NASDAQ jumped 376.93 points or 1.59 percent to end at a record 24,016.02 and the S&P 500 gained 55.57 points or 0.80 percent to close at 7,022.95, also a record.

The extended surge by the NASDAQ reflected strength among tech stocks, with Broadcom (AVGO) helping to lead the sector higher after the chip maker announced a multi-year strategic partnership with Meta's (META).

Traders also expressed optimism about a resolution of the conflict in the Middle East even as they await additional details about another round of peace talks between the U.S. and Iran.

Crude oil edged higher on Wednesday as traders weighed the prospects of success in the upcoming U.S-Iran talks against the ongoing U.S. blockade on all Iranian ports across the Strait of Hormuz, which is keeping the supply concerns alive. West Texas Intermediate crude for May was up $0.36 or 0.39 percent at $91.64 per barrel.