Taiwan Stock Market Expected To Open In The Green

(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the eight-day losing streak in which it had plummeted more than 1,300 points or 8.3 percent. The Taiwan Stock Exchange now rests just above the 15,725-point plateau and it's got a solid lead for Wednesday's trade.

The global forecast for the Asian markets is upbeat, with oil, telecom and technology stocks expected to lead the way. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher on Tuesday with gains across the board, especially among the financials and technology stocks.

For the day, the index surged 361.06 points or 2.35 percent to finish at the daily high of 15,728.64 after moving as low as 15,427.33.

Among the actives, Cathay Financial surged 4.63 percent, while Mega Financial increased 2.89 percent, CTBC Financial gained 3.73 percent, Fubon Financial rallied 4.98 percent, First Financial added 2.33 percent, E Sun Financial collected 1.72 percent, Taiwan Semiconductor Manufacturing Company climbed 1.41 percent, United Microelectronics Corporation strengthened 2.60 percent, Hon Hai Precision jumped 2.75 percent, Largan Precision accelerated 2.47 percent, Catcher Technology improved 1.23 percent, MediaTek soared 3.33 percent, Delta Electronics skyrocketed 5.68 percent, Formosa Plastics was up 0.93 percent, Nan Ya Plastics rose 1.95 percent, Asia Cement gathered 1.53 percent and Taiwan Cement perked 1.54 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the day, closing near session highs.

The Dow surged 641.47 points or 2.15 percent to finish at 30,530.25, while the NASDAQ spiked 270.95 points or 2.51 percent to end at 11,069.30 and the S&P 500 jumped 89.95 points or 2.45 percent to close at 3,764.79.

The rally on Wall Street came as traders picked up stocks at reduced levels following recent weakness in the markets. Bargain hunting also contributed to strength in the overseas markets that carried over onto Wall Street early in the day.

In economic news, the National Association of Realtors noted another steep drop in U.S. existing home sales in May.

Crude oil prices bounced higher again Tuesday, recovering from the selloff in the previous session that was fueled by recession concerns. West Texas intermediate for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel.