(RTTNews) – The Taiwan stock market has moved higher in three straight sessions, climbing more than 480 points or 2.9 percent along the way. The Taiwan Stock Exchange now sits just above the 17,210-point plateau although it’s expected to open in the green again on Wednesday.
The global forecast for the Asian markets is upbeat on growing optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply higher on Tuesday following gains from the technology stocks and a mixed performance from the financials.
For the day, the index rallied 261.23 points or 1.54 percent to finish at 17,216.60 after trading between 17,129.23 and 17,254.96.
Among the actives, Cathay Financial was up 0.11 percent, while Mega Financial rose 0.27 percent, Fubon Financial dipped 0.16 percent, E Sun Financial collected 0.38 percent, Taiwan Semiconductor Manufacturing Company soared 3.31 percent, United Microelectronics Corporation climbed 1.14 percent, Hon Hai Precision jumped 1.81 percent, Largan Precision perked 0.22 percent, Catcher Technology improved 1.31 percent, MediaTek strengthened 1.56 percent, Delta Electronics rallied 2.08 percent, Novatek Microelectronics spiked 2.53 percent, Formosa Plastics fell 0.21 percent, Nan Ya Plastics shed 0.63 percent, Asia Cement sank 0.79 percent, China Steel lost 0.17 percent and CTBC Financial, First Financial and Taiwan Cement were unchanged.
The lead from Wall Street is solid as the major averages opened higher on Tuesday and remained firmly in the green throughout the session.
The Dow jumped 145.79 points or 0.43 percent to finish at 34,212.12. while the NASDAQ rallied 111.40 points or 0.83 percent to end at 13,573.32 and the S&P 500 gained 30.08 points or 0.69 percent to close at 4,369.01.
The continued strength on Wall Street came following the release of the Labor Department’s highly anticipated report on consumer price inflation in the month of May, which showed prices edged slightly higher.
The data added to optimism about the Federal Reserve pausing its recent interest rate increases when the central bank announces its monetary policy decision later today.
Crude oil prices rose sharply on Tuesday after the People’s Bank of China announced a surprise rate cut, and the dollar weakened after data showing a slowdown in U.S. inflation raised expectations the Fed will pause rate increases. West Texas Intermediate Crude oil futures for July ended higher by $2.30 or 3.4 percent at $69.42 a barrel.
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