Markets

Taiwan Shares Predicted To Open In The Green

(RTTNews) - The Taiwan stock markets on Friday halted the two-day losing streak in which it had dropped almost 70 points or 0.6 percent. The Taiwan Stock Exchange now rests just above the 11,525-point plateau and it's tipped to see additional support on Monday.

The global forecast for the Asian markets is firm on growing optimism for a resolution in the trade dispute between the United States and China. The European and U.S. markets were up on Friday and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Friday following gains from the financial shares, technology stocks and cement companies.

For the day, the index collected 75.20 points or 0.66 percent to finish at 11,525.60 after trading between 11,485.46 and 11,552.25.

Among the actives, Cathay Financial collected 0.95 percent, while Mega Financial gained 0.49 percent, Fubon Financial rose 0.44 percent, E Sun Financial perked 0.74 percent, Taiwan Semiconductor Manufacturing Company climbed 1.15 percent, United Microelectronics Corporation skidded 1.38 percent, Hon Hai Precision advanced 0.90 percent, Largan Precision added 0.67 percent, Catcher Technology skyrocketed 7.35 percent, MediaTek accelerated 2.80 percent, Asia Cement soared 3.35 percent, Taiwan Cement jumped 1.34 percent, Formosa Plastic was up 0.21 percent and CTBC Financial and First Financial were unchanged.

The lead from Wall Street is positive as stocks showed a strong upward move, sending the major averages to fresh record closing highs.

The Dow added 222.93 points or 0.93 percent to 28.004.89, while the NASDAQ gained 61.81 points or 0.73 percent to 8,540.83 and the S&P 500 rose 23.83 points or 0.77 percent to 3,120.46. For the week, the Dow jumped 1.2 percent, the NASDAQ climbed 0.8 percent and the S&P was up 0.9 percent.

The strength on Wall Street came amid renewed optimism about a U.S.-China trade deal following comments from White House officials. Also, China has lifted a nearly five-year ban on imports of U.S. poultry in a goodwill gesture that could lead to more than $1 billion in annual shipments to China.

In economic news, the Commerce Department said U.S. retail sales rebounded slightly more than expected in October, while the Federal Reserve noted a steep drop in industrial output last month.

Crude oil prices ended sharply higher Friday on renewed optimism about a potential U.S.-China trade deal and hopes the OPEC might decide to deepen its supply cuts. West Texas Intermediate Crude oil futures for December ended up $0.95 or 1.7 percent at $57.72 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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