Higher Open Predicted For Taiwan Stock Market

The Taiwan stock market has ticked higher in two straight sessions, gathering more than 115 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just beneath the 17,575-point plateau and it's predicted to open in the green again on Monday.

The global forecast for the Asian markets is upbeat, with support expected from oil, technology and utility stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.

The TSE finished barely higher on Friday following gains from the financials, weakness from the plastics and mixed performances from the technology and cement companies.

For the day, the index was up just 0.82 points or 0.00 percent to finish at 17,572.92 after trading between 17,511.86 and 17,672.60.

Among the actives, Cathay Financial collected 0.33 percent, while Mega Financial was up 0.15 percent, CTBC Financial added 0.66 percent, Fubon Financial advanced 1.07 percent, First Financial perked 0.22 percent, E Sun Financial gained 0.57 percent, Taiwan Semiconductor Manufacturing Company skidded 1.02 percent, United Microelectronics Corporation climbed 1.35 percent, Largan Precision dropped 0.82 percent, Catcher Technology retreated 1.06 percent, MediaTek jumped 1.52 percent, Delta Electronics rose 0.33 percent, Formosa Plastic sank 0.49 percent, Asia Cement gathered 1.15 percent, Taiwan Cement spiked 1.73 percent and Hon Hai Precision and Formosa Chemicals were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Friday and picked up steam as the day progressed, accelerating to fresh record closing highs.

The Dow jumped 238.20 points or 0.68 percent to finish at 35,061.55, while the NASDAQ climbed 152.39 points or 1.04 percent to end at 14,836.99 and the S&P 500 gained 44.31 points or 1.01 percent to close at 4,411.79. For the week, the Dow jumped 1.1 percent, the NASDAQ spiked 2.8 percent and the S&P rose 2 percent.

The four-day winning streak represents a remarkable turnaround for the markets following the sell-off on Monday, which dragged the major averages down to their lowest closing levels in almost a month.

The continued strength on Wall Street reflected a positive reaction to upbeat earnings news from several big-name companies, including Snap (SNAP), Twitter (TWTR) and American Express (AXP), although Intel (INTC) disappointed.

Crude oil futures settled modestly higher Friday, extending gains to a fourth straight session on hopes demand will see a significant increase in coming months. West Texas Intermediate Crude oil futures for September ended up by $0.16 or 0.2 percent at $72.07 a barrel. WTI Crude futures gained 0.4 percent in the week.

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