Taiwan Bourse Tipped To Open In The Green

(RTTNews) - The Taiwan stock market on Monday wrote a finish to the three-day slide in which it had slumped more than 300 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 12,850-point plateau and it figures to extend its gains on Tuesday.

The global forecast for the Asian markets continues to be upbeat on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Monday following gains from the plastics, weakness from the cement companies and mixed performances from the financials and technology stocks.

For the day, the index rose 37.78 points or 0.29 percent to finish at 12,856.98 after trading between 12,856.77 and 13,027.84.

Among the actives, Cathay Financial improved 1.23 percent, while Mega Financial slid 0.34 percent, CTBC Financial lost 0.50 percent, Fubon Financial collected 0.30 percent, First Financial jumped 1.45 percent, E Sun Financial sank 0.44 percent, Taiwan Semiconductor Manufacturing Company shed 0.64 percent, United Microelectronics Corporation advanced 0.90 percent, Hon Hai Precision fell 0.48 percent, Largan Precision rose 0.29 percent, Catcher Technology tumbled 2.66 percent, MediaTek soared 3.70 percent, Delta Electronics added 0.56 percent, Formosa Plastics perked 0.24 percent, Nan Ya Plastics rallied 1.33 percent, Asia Cement eased 0.27 percent and Taiwan Cement skidded 1.29 percent.

The lead from Wall Street is upbeat as the major averages shook off early directionless trade on Monday but steamed higher in the afternoon to finish firmly in the green.

The Dow soared 417.06 points or 1.34 percent to finish at 31,499.62, while the NASDAQ spiked 92.90 points or 0.86 percent to end at 10,952.61 and the S&P 500 jumped 44.59 points or 1.19 percent to close at 3,797.34.

The strength that emerged on Wall Street partly reflected optimism the Federal Reserve will signal a slowdown in monetary policy tightening following its meeting next week.

The Fed is widely expected to raise interest rates by another 75 basis points next week, but traders are hopeful the central bank will indicate plans to slow the pace of rates hikes beginning in December.

Crude oil prices moved lower on Monday, giving ground following the advance seen last Friday. The pullback reflected lingering concerns about the outlook for global demand, particularly in China. West Texas Intermediate crude for December delivery fell $0.47 or 0.6 percent to $84.58 a barrel.