Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, improving more than 230 points or 1.5 percent along the way. The Taiwan Stock Exchange now sits just beneath the 16,915-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat on better than expected U.S. inflation data, which fueled optimism over interest rates. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Tuesday following gains from the financial and plastic shares and a mixed picture from the technology stocks.

For the day, the index gained 76.42 points or 0.45 percent to finish at 16,915.71 after trading between 16,884.52 and 16,946.38.

Among the actives, Cathay Financial collected 0.44 percent, while Mega Financial perked 0.13 percent, CTBC Financial spiked 2.15 percent, First Financial was up 0.19 percent, Taiwan Semiconductor Manufacturing Company rose 0.18 percent, United Microelectronics Corporation dropped 0.82 percent, Hon Hai Precision soared 2.35 percent, Largan Precision shed 0.47 percent, Catcher Technology retreated 1.33 percent, MediaTek eased 0.11 percent, Novatek Microelectronics added 0.31 percent, Formosa Plastics gathered 0.39 percent, Nan Ya Plastics rallied 1.54 percent, Asia Cement slumped 1.11 percent, Taiwan Cement sank 0.91 percent, China Steel gained 0.20 percent and Delta Electronics, Fubon Financial and E Sun Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 489.83 points or 1.43 percent to finish at 34,827.70, while the NASDAQ rallied 326.64 points or 2.37 percent to end at 14,094.38 and the S&P 500 jumped 84.15 points or 1.91 percent to close at 4,495.70.

The rally on Wall Street came following the release of the Labor Department's highly anticipated report on consumer price inflation in October, which came in lower than expected.

The report may provide the Federal Reserve with confidence that inflation is on a downward trajectory, so further rate hikes may not be necessary.

Treasury yields moved sharply lower following the release of the report, adding to the buying interest on Wall Street.

Crude oil futures failed to hold gains and settled flat on Tuesday as traders reacted to a report from the International Energy Agency that oil markets won't be as tight as expected this quarter. West Texas Intermediate Crude oil futures for December settled at $78.26 a barrel, unchanged from the previous close.