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Taiwan Stock Market Tipped To Open In The Green

The Taiwan stock market has finished higher in three straight sessions, gathering almost 450 points or 2.9 percent along the way. The Taiwan Stock Exchange now sits just above the 16,050-point plateau and it's predicted to continue its winning streak on Wednesday.

The global forecast for the Asian markets is upbeat on easing concerns over interest rates and an economic slowdown. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the technology and plastic stocks, weakness from the financials and a mixed picture from the cement companies.

For the day, the index climbed 155.05 points or 0.98 percent to finish at 16,056.09 after trading between 15,915.93 and 16,085.85.

Among the actives, Cathay Financial skidded 1.13 percent, while Mega Financial retreated 1.22 percent, CTBC Financial sank 0.78 percent, Fubon Financial declined 1.28 percent, First Financial slumped 0.78 percent, E Sun Financial tumbled 1.72 percent, Taiwan Semiconductor Manufacturing Company jumped 1.92 percent, United Microelectronics Corporation climbed 1.31 percent, Hon Hai Precision added 0.58 percent, Largan Precision strengthened 1.57 percent, Catcher Technology fell 0.32 percent, MediaTek accelerated 1.94 percent, Delta Electronics advanced 0.90 percent, Novatek Microelectronics improved 0.77 percent, Formosa Plastic perked 0.49 percent, Nan Ya Plastic was up 0.12 percent, Asia Cement lost 0.44 percent and Taiwan Cement gained 0.61 percent.

The lead from Wall Street is broadly positive as the major averages opened higher and remained that way throughout the session, ending firmly in the green.

The Dow soared 431.17 points or 1.34 percent to finish at 32,654.59, while the NASDAQ spiked 321.52 points or 2.76 percent to end at 11,984.52 and the S&P 500 rallied 80.84 points or 2.02 percent to close at 4,088.85.

The markets rallied on comments from Fed Chair Jerome Powell, who said he is confident that the central bank can raise rates and deal with inflation without sending the economy into recession.

Strong retail sales and industrial production data added to the positive sentiment.

Crude oil prices pared early gains and settled lower Tuesday, reacting to reports that the Biden administration is set to ease some of the sanctions imposed on Venezuela. West Texas Intermediate Crude oil futures for June ended lower by $1.80 or 1.6 percent at $112.40 a barrel.

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