Taiwan Shares Tipped To Open In The Green

(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, gathering more than 325 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just above the 23,100-point plateau and it's expected open to the upside again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.

The TSE finished modestly higher on Tuesday following gains from the cement and plastics companies, while the financials and technology stocks were mixed.

For the day, the index advanced 141.40 points or 0.62 percent to finish at 23,106.79 after trading between 22,849.83 and 23,178.80.

Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial was up 0.13 percent, E Sun Financial dipped 0.18 percent, Taiwan Semiconductor Manufacturing Company and Nan Ya Plastics both advanced 0.96 percent, United Microelectronics Corporation retreated 1.41 percent, Largan Precision dropped 0.85 percent, Catcher Technology climbed 1.07 percent, MediaTek fell 0.39 percent, Delta Electronics improved 0.89 percent, Novatek Microelectronics shed 0.61 percent, Formosa Plastics gained 0.85 percent, Asia Cement rallied 1.06 percent and CTBC Financial, First Financial, Fubon Financial and Hon Hai Precision were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.

The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the S&P 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.

The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.

Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.

In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.

Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.

Closer to home, Taiwan will provide October numbers for consumer prices later today; in September, overall inflation was up 0.38 percent on month and 1.82 percent on year.