Higher Open Expected For Taiwan Shares

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(RTTNews.com) - The win streak has hit three sessions now for the Taiwan stock market, which has climbed almost 330 points or 3.6 percent in that span. The Taiwan Stock Exchange settled just beneath the 9,230-point plateau, and the market may see continued support on Thursday.

The global forecast for the Asian markets is upbeat after the Federal Reserve left interest rates unchanged on Wednesday, while a spike in the price of crude oil adds to the positive sentiment. The European and U.S. bourses were up and the Asian markets figure to follow suit.

The TSE finished modestly higher on Wednesday following gains from the technology stocks and the financial shares.

Among the actives, Taiwan Semiconductor Manufacturing Company added 0.55 percent, while AU Optronics spiked 2.15 percent, Largan Precision gained 0.52 percent, Catcher Technology gathered 0.76 percent, Fubon Financial collected 0.65 percent and Cathay Financial climbed 1.25 percent.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Wednesday in response to the Fed's monetary policy announcement.

The Dow advanced 163.74 points or 0.9 percent to 18,293.70, while the NASDAQ jumped 53.83 points or 1 percent to 5,295.18 and the S&P 500 surged 23.36 points or 1.1 percent to 2,163.12.

The rally came after the Fed left interest rates unchanged as expected but signaled that a rate hike is likely before the end of the year. The Fed said the case for an increase in the federal funds rate has strengthened but that the central bank decided to wait for additional data.

Earlier in the day, traders reacted to the Bank of Japan's decision to control short-term and long-term interest rates and expand the monetary base until inflation exceeds 2 percent. The BoJ also will continue applying a negative interest rate of 0.1 percent.

Substantial strength was visible among energy stocks, which moved sharply higher as the price of crude oil for November delivery jumped $1.29 to $45.34 a barrel.

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This article appears in: News Headlines
Referenced Symbols: 2474 , 2881 , 3008 , 8301 , AUO


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