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Higher Open Called For Taiwan Stock Market

The Taiwan stock market has climbed higher in back-to-back sessions, gathering almost 30 points or 0.3 percent along the way. The Taiwan Stock Exchange remains just above the 10,460-point plateau and it may tick higher again on Wednesday.

The global forecast for the Asian markets is firm thanks to solid earnings news and economic data, plus a surge in crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow suit.

The TSE finished barely higher on Tuesday following gains from the cement stocks, weakness from the financials and a mixed bag from the technology stocks.

For the day, the index added 1.87 points or 0.02 percent to finish at 10,463.15 after trading between 10,442.85 and 10,473.98 on turnover of 92.16 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.23 percent, while AU Optronics gained 0.82 percent, Advanced Semiconductor Engineering fell 0.25 percent, Siliconware Precision lost 0.60 percent, Innolux jumped 1.02 percent, Largan Precision spiked 2.10 percent, Hon Hai Precision added 0.86 percent, Taiwan Cement surged 4.20 percent, Formosa Plastics dropped 0.87 percent, Mega Financial dipped 0.19 percent, Cathay Financial eased 0.20 percent and Fubon Financial slid 0.11 percent.

The lead from Wall Street is positive as stocks moved mostly higher on Tuesday, allowing the NASDAQ and the S&P 500 to hit new record closing highs.

The NASDAQ added 1.37 points or 0.1 percent to 6,412.17, while the Dow added 100.26 points or 0.5 percent to 21,613.43 and the S&P 500 climbed 7.17 points or 0.3 percent to 2,477.08.

The strength reflected a positive reaction to the latest earnings news, with Caterpillar (CAT) and McDonald's (MCD) posting notable gains after reporting better than expected results.

Buying interest also followed a report from the Conference Board showing an unexpected improvement in consumer confidence in July.

Crude oil futures surged Tuesday to a six-week high as OPEC vowed to re-balance oil markets even if it takes supply quotas through 2018. WTI light sweet crude oil was up $1.49 to $47.82 a barrel, up 3.1 percent from the previous session.

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