Taiwan Stock Market Tipped To Open In The Green

(RTTNews) - The Taiwan stock market bounced higher again on Friday, one day after snapping the four-day winning streak in which it had surged almost 1,250 points or 6.2 percent. The Taiwan Stock Exchange now sits just above the 21,840-point plateau although it's likely to tick higher again on Monday.

The global forecast for the Asian markets is upbeat on optimism over the outlooks for tariffs and trade. 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 Friday following gains from the financial shares and plastics stocks, while the technology stocks were mixed.

For the day, the index gained 113.49 points or 0.52 percent to finish at 21,843.69 after trading between 21,697.85 and 21,854.50.

Among the actives, Mega Financial collected 0.37 percent, while First Financial improved 0.76 percent, E Sun Financial and Taiwan Semiconductor Manufacturing Company both added 0.50 percent, United Microelectronics Corporation gained 0.63 percent, Hon Hai Precision dropped 0.94 percent, Catcher Technology rose 0.23 percent, MediaTek fell 0.36 percent, Delta Electronics perked 0.13 percent, Novatek Microelectronics retreated 1.51 percent, Formosa Plastics increased 0.82 percent, Nan Ya Plastics advanced 0.95 percent, Asia Cement was up 0.34 percent and Cathay Financial, CTBC Financial, Fubon Financial and Largan Precision were unchanged.

The lead from Wall Street is positive as the major averages shook off a soft start on Friday and continued to trend higher throughout the day, ending at session highs.

The Dow rallied 331.94 points or 0.78 percent to finish at 42,654.74, while the NASDAQ added 98.80 points or 0.52 percent to close at 19,211.10 and the S&P 500 gained 41.45 points or 0.70 percent to end at 5,958.38.

For the week, the NASDAQ surged 7.2 percent, the S&P spiked 5.3 percent and the Dow soared 3.4 percent.

News of the U.S.-China trade deal generated considerable buying interest that carried over for much of the week. While uncertainty remains about the U.S. and its trade partners reaching deals that permanently lower tariffs, traders have continued to express optimism.

Meanwhile, traders largely shrugged off data from the University of Michigan showing consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May.

Crude oil futures showed a strong move to the upside on Friday amid optimism about U.S. trade policies. West Texas Intermediate crude for June delivery jumped $0.87 or 1.4 percent to $62.49 a barrel. For the week, the price of crude oil surged 2.4 percent.