Taiwan Stock Market Tipped To Open In The Green

(RTTNews) - The Taiwan stock market has tracked higher in seven straight sessions, collecting almost 1,200 points or 4.8 percent along the way. The Taiwan Stock Exchange now sits just above the 25,215-point plateau and it's got a positive lead again for Friday's trade.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The TSE finished slightly higher on Thursday following mixed performances from the financial shares and technology stocks, while the plastics were soft.

For the day, the index rose 23.12 points or 0.09 percent to finish at 25,215.71 after trading between 25,174.13 and 25,541.44.

Among the actives, Mega Financial eased 0.12 percent, while First Financial skidded 1.00 percent, Fubon Financial slumped 0.80 percent, E Sun Financial collected 0.30 percent, Taiwan Semiconductor Manufacturing Company jumped 1.22 percent, United Microelectronics Corporation dropped 0.85 percent, Hon Hai Precision rallied 2.14 percent, Largan Precision retreated 1.69 percent, Catcher Technology tumbled 1.85 percent, MediaTek shed 0.67 percent, Delta Electronics lost 0.72 percent, Novatek Microelectronics tanked 1.88 percent, Formosa Plastics contracted 1.83 percent, Nan Ya Plastics stumbled 2.09 percent, Asia Cement sank 0.82 percent and Cathay Financial and CTBC Financial were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow surged 617.08 points or 1.36 percent to finish at 46,108.00, while the NASDAQ rallied 157.01 points or 0.72 percent to end at 22,043.07 and the S&P 500 gained 55.43 points or 0.85 percent to close at 6,587.47.

The strength on Wall Street came amid a positive reaction to separate Labor Department reports on consumer price inflation and weekly jobless claims, further boosting the chances of a rate cut.

A closely watched Labor Department report showed U.S. consumer prices rose by slightly more than expected in August. Also, first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Following the reports, CME Group's FedWatch Tool is currently indicating 94.8 percent chance the Federal Reserve will lower rates by a quarter-point next week and a slim 5.2 percent chance of a half- point rate cut.

Crude oil prices fell sharply on Thursday, triggered by the International Energy Agency's monthly report that boosted the supply estimate for 2025 and 2026, indicating a glut. West Texas Intermediate crude for October delivery sank $1.22 or 1.92 percent at $62.45 per barrel.