Taiwan Stock Market Has Positive Lead For Monday's Trade

(RTTNews) - The Taiwan stock market rebounded hard on Friday, one session after ending the four-day winning streak in which it had spiked more than 650 points or 5.2 percent. The Taiwan Stock Exchange now rests just above the 14,000-point plateau and it's got a green light again for Monday's trade.

The global forecast for the Asian markets remains upbeat on optimism for the outlook of interest rates. 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 Friday with gains across the board, especially from the financials and technology shares.

For the day, the index surged 503.76 points or 3.73 percent to finish at 14,007.56 after trading between 13,878.95 and 14,045.51.

Among the actives, Cathay Financial strengthened 5.67 percent, while Mega Financial and Nan Ya Plastics both advanced 2.83 percent, CTBC Financial and Largan Precision both spiked 3.31 percent, Fubon Financial jumped 5.11 percent, First Financial improved 2.98 percent, E Sun Financial climbed 3.45 percent, Taiwan Semiconductor Manufacturing Company skyrocketed 8.34 percent, United Microelectronics Corporation soared 5.64 percent, Hon Hai Precision shed 0.50 percent, MediaTek surged 6.06 percent, Delta Electronics rallied 4.61 percent, Novetak Microelectronics accelerated 2.76 percent, Formosa Plastics perked 1.98 percent, Asia Cement rose 1.30 percent, Taiwan Cement gathered 1.42 percent and Catcher Technology was unchanged.

The lead from Wall Street ends up positive as the major averages opened mixed on Friday, with the Dow spending most of the session in negative territory before breaking into the green late in the day.

The Dow rose 32.49 points or 0.10 percent to finish at 33,747.86, while the NASDAQ surged 209.18 points or 1.88 percent to close at 11,323.33 and the S&P 500 advanced 36.56 points or 0.92 percent to end at 3,992.93.

For the week, the NASDAQ skyrocketed 8.1 percent, the S&P 500 soared 5.9 percent and the Dow jumped 4.2 percent.

The extended rally on Wall Street came as stocks continued to benefit from optimism about the Federal Reserve slowing the pace of interest rate hikes following Thursday's tamer than expected inflation data.

On the heels of the inflation data, CME Group's FedWatch Tool is currently indicating an 80.6 percent chance the Fed will raise rates by 50 basis points next month compared to the recent 75 basis point rate hikes.

Crude oil prices spiked on Friday, supported by a weak dollar and reports about China cutting quarantine restrictions. West Texas Intermediate Crude oil futures for December ended higher by $2.49 or 2.9 percent at $88.96 a barrel.