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Taiwan Stock Market Tipped To Open In The Green

The Taiwan stock market has moved higher in back-to-back trading days, gathering almost 70 points or 0.7 percent along the way. The Taiwan Stock Exchange now rests just above the 9,835-point plateau and it's called higher again on Monday.

The global forecast for the Asian markets is positive on global trade optimism and a surge in crude oil prices. The European and U.S. markets were firmly higher on Friday and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Friday following gains from the technology and cement stocks, while the financials came in mixed.

For the day, the index advanced 46.91 points or 0.48 percent to finish at 9,836.06 after trading between 9,771.15 and 9,842.80 on turnover of 95.83 billion Taiwan dollars.

Among the actives, Asia Cement perked 1.26 percent, while Taiwan Cement advanced 1.55 percent, Largan Precision surged 6.92 percent, Hon Hai Precision added 0.57 percent, Catcher Technology spiked 5.65 percent, United Microelectronics Corporation climbed 1.33 percent, Taiwan Semiconductor Manufacturing Company lost 0.91 percent, AsusTek Computer jumped 1.97 percent, Formosa Plastic gained 0.99 percent, Fubon Financial collected 0.23 percent, Cathay Financial dipped 0.68 percent, CTBC Financial shed 0.25 percent, First Financial rose 0.75 percent and Mega Financial and Formosa Chemical were unchanged.

The lead from Wall Street is upbeat as stocks moved sharply higher Friday, extending recent gains as the major averages hit their best closing levels in more than a month.

The Dow jumped 336.25 points or 1.38 percent to 24,706.35, while the NASDAQ rose 72.76 points or 1.03 percent to 7,157.23 and the S&P added 34.75 points or 1.32 percent to 2,670.71. For the week, the Dow spiked 3 percent, the NASDAQ rose 2.7 percent and the S&P gained 2.9 percent.

The rally on Wall Street rode continued optimism about trade talks between the U.S. and China as reports suggested China may go on a six-year buying spree to ramp up imports from the U.S.

In economic news, the University of Michigan noted a substantial drop in U.S. consumer sentiment in January. Also, the Federal Reserve said industrial production increased more than expected in December, as jumps in manufacturing and mining offset a pullback in utilities output.

Crude oil prices surged on Friday, driven by an OPEC report that showed the biggest monthly drop in crude production in nearly two years in December. Crude oil futures for February ended up $1.73 or 3.3 percent at $53.80 a barrel.

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