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Higher Open Predicted For Taiwan Stock Market

The Taiwan stock market on Wednesday snapped the two-day slide in which it had fallen more than 80 points or 0.8 percent. The Taiwan Stock Exchange now rests just beneath the 10,800-point plateau and it's looking at another green light again on Thursday.

The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.

The TSE finished modestly higher on Wednesday following gains from the technology stocks and the financial shares.

For the day, the index climbed 95.70 points or 0.89 percent to finish at 10,798.48 after trading between 10,723.23 and 10,810.16.

Among the actives, Cathay Financial collected 0.84 percent, while CTBC Financial added 0.23 percent, Fubon Financial rose 0.57 percent, First Financial gained 0.66 percent, Taiwan Semiconductor Manufacturing Company jumped 2.07 percent, United Microelectronics Corporation soared 4.64 percent, Largan Precision spiked 3.36 percent, AsusTek Computer slid 0.23 percent, Catcher Technology perked 3.08 percent, MediaTek advanced 1.44 percent, Asia Cement gathered 0.94 percent, Taiwan Cement slid 0.33 percent, Formosa Plastic was up 0.98 percent and Taishin Financial, Hon Hai Precision and Mega Financial were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.

The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.

Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.

Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.

Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.

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