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Higher Open Predicted For Taiwan Stock Market

The Taiwan stock market has finished higher in two of three trading days since the end of the two-day slide in which it had surrendered almost 80 points or 0.8 percent. The Taiwan Stock Exchange now rests just above the 10,610-point plateau and it has another positive lead for Wednesday.

The global forecast for the Asian markets suggests mild upside, with support expected from the oil and technology sectors. 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 Tuesday following gains from the financial, technology and steel sectors.

For the day, the index gained 38.19 points or 0.36 percent to finish at 10,610.35 after trading between 10,586.28 and 10,646.55 on turnover of 124.52 billion Taiwan dollars.

Among the actives, Cathay Financial collected 0.83 percent, while Fubon Financial was up 0.32 percent, AU Optronics and Mega Financial were unchanged, Taiwan Semiconductor Manufacturing Company gained 0.92 percent, Largan Precision gathered 0.60 percent, Hon Hai Precision added 0.86 percent, Asustek Computer spiked 2.82 percent, Taiwan Steel perked 0.97 percent and Eclat Textile climbed 1.02 percent.

The lead from Wall Street is upbeat as stocks moved higher on Tuesday, with the S&P 500 hitting a record closing high.

The Dow added 61.49 points or 0.28 percent to 22,118.86, while the NASDAQ gained 22.02 points or 0.34 percent to 6,454.28 and the S&P was up 8.37 points or 0.34 percent to 2,496.48.

Tech stocks strengthened amid Apple's highly-anticipated product launches - including its much awaited iPhone 8, iPhone 8S, and the iPhone X, its biggest iPhone redesign in a decade.

Financials also got a boost on optimism for tax reform by year's end.

Crude oil futures continued to rise Tuesday amid hopes that OPEC can re-balance oil markets by possibly extending the oil production cuts that expire in March. October WTI oil was up 16 cents or 0.3 percent to $48.23/bbl.

by RTTNews Staff Writer

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