Taiwan Stock Market Predicted To Open In The Green

(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, sinking more than 125 points or 0.8 percent along the way. The Taiwan Stock Exchange now sits just above the 16,510-point plateau although it's tipped to halt its slide on Friday.

The global forecast for the Asian markets is upbeat on progress to end the debt ceiling situation in the United States. The European and U.S. markets mere up and the Asian bourses figure to follow that lead.

The TSE finished modestly lower on Thursday following losses from the financials, plastics and technology companies.

For the day, the index dropped 66.31 points or 0.40 percent to finish at 16,512.65 after trading between 16,477.43 and 16,555.50.

Among the actives, Cathay Financial lost 0.68 percent, while Mega Financial collected 0.14 percent, First Financial stumbled 1.60 percent, Fubon Financial shed 0.66 percent, E Sun Financial eased 0.19 percent, Taiwan Semiconductor Manufacturing Company retreated 1.25 percent, United Microelectronics Corporation tumbled 1.93 percent, Hon Hai Precision jumped 1.41 percent, Largan Precision dropped 0.88 percent, Catcher Technology added 0.54 percent, MediaTek declined 1.45 percent, Novatek Microelectronics fell 0.35 percent, Formosa Plastics sank 0.85 percent, Nan Ya Plastics dipped 0.13 percent, Asia Cement rose 0.23 percent, Taiwan Cement slid 0.40 percent, China Steel gained 0.34 percent and Delta Electronics and CTBC Financial were unchanged.

The lead from Wall Street is solid as the major averages quickly shook off a sluggish start and moved firmly into the green.

The Dow climbed 153.30 points or 0.47 percent to finish at 33,061.57, while the NASDAQ surged 165.70 points or 1.28 percent to end at 13,100.98 and the S&P 500 advanced 41.19 points or 0.99 percent to close at 4,221.02.

The strength that emerged on Wall Street came after the House voted Wednesday night to approve the bill raising the U.S. debt ceiling.

The legislation now heads to the Senate, where Majority Leader Chuck Schumer, D-N.Y., said he hopes lawmakers can work quickly and bring the bill to the president's desk "as soon as possible."

In economic news, payroll processor ADP said private sector employment in the U.S. jumped more than expected in May. Also, the Labor Department noted a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices rose sharply Thursday on hopes OPEC will announce a cut in production. Oil prices were also supported by a weak U.S. dollar and the passage of the debt ceiling bill. West Texas Intermediate crude futures for July ended higher by $2.01 or 3 percent at $70.10 per barrel.