Higher Open Called For Taiwan Stock Market

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The Taiwan stock market has moved higher in three straight sessions, collecting almost 625 points or 2.8 percent along the way. The Taiwan Stock Exchange now sits just above the 22,280-point plateau and it may see additional support on Tuesday.

The global forecast for the Asian markets suggests mild upside, largely on positive momentum amid a lack of catalysts. The European and U.S. markets were modestly higher and the Asian bourses are expected to follow suit.

The SCI finished modestly higher on Monday following gains from the financial shares and technology stocks.

For the day, the index added 126.11 points or 0.57 percent to finish at 22,285.53 after trading between 22,170.94 and 22,307.46.

Among the actives, Cathay Financial climbed 1.08 percent, while Mega Financial gained 0.89 percent, CTBC Financial soared 3.97 percent, First Financial perked 0.18 percent, Fubon Financial improved 1.21 percent, E Sun Financial collected 0.71 percent, Taiwan Semiconductor Manufacturing Company added 0.41 percent, United Microelectronics Corporation rose 0.37 percent, Hon Hai Precision strengthened 1.69 percent, Largan Precision spiked 2.33 percent, Catcher Technology shed 0.42 percent, MediaTek jumped 1.78 percent, Delta Electronics advanced 0.90 percent, Novatek Microelectronics rallied 2.55 percent, Nan Ya Plastics eased 0.12 percent, Asia Cement rose 0.22 percent and Formosa Plastics was unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Monday and largely remained that way throughout the session, finishing with mild gains.

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