Taiwan Shares Tipped To Open In The Green

(RTTNews) - The Taiwan stock market rebounded on Wednesday, one day after ending the three-day winning streak in which it had climbed more than 3,650 points or 9.1 percent. The Taiwan Stock Exchange now sits just above the 44,250-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is cautiously optimistic, thanks mostly to easing oil prices. The European markets were mixed and little changed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The TSE finished sharply higher on Wednesday following gains among the financial shares, technology stocks and plastics companies.

For the day, the index jumped 731.43 points or 1.68 percent to finish at 44,256.80 after trading between 43,842.26 and 44,818.25.

Among the actives, Cathay Financial vaulted 2.77 percent, while Mega Financial perked 0.13 percent, CTBC Financial expanded 2.78 percent, First Financial fell 0.36 percent, Fubon Financial accelerated 6.28 percent, Taiwan Semiconductor Manufacturing Company advanced 1.32 percent, United Microelectronics Corporation skyrocketed 9.96 percent, Hon Hai Precision strengthened 1.93 percent, Largan Precision plunged 4.37 percent, Catcher Technology soared 6.92 percent, MediaTek surged 8.79 percent, Delta Electronics rallied 7.23 percent, Novatek Microelectronics slumped 1.32 percent, Formosa Plastics climbed 1.56 percent, Nan Ya Plastics spiked 5.18 percent, Asia Cement sank 0.75 percent and E Sun Financial was unchanged.

The lead from Wall Street is mildly positive as the major averages spent much of the day bouncing back and forth across the line before ending little changed with a slight upside bias - but enough for all three to hit record closing highs..

The Dow climbed 182.60 points or 0.36 percent to finish at 50,644.28, while the NASDAQ added 18.55 points or 0.07 percent to close at 26,674.73 and the S&P 500 perked 1.24 points or 0.02 percent to end at 7,520.36.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength, while optimism about an eventual end to the conflict between the U.S. and Iran continues weigh on oil prices.

Crude oil prices plummeted on Wednesday as investors continue to anticipate a potential U.S.-Iran agreement, despite the hard line from the U.S. West Texas Intermediate crude for July delivery was down $5.05 or 5.38 percent at $88.84 per barrel.

Traders may also have been somewhat reluctant to make significant moves ahead of the release of key U.S. economic data later today, including the Federal Reserve's preferred readings on consumer price inflation.