Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, gathering almost 300 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just above the 22,900-point plateau and it's expected to open in the green again on Monday.

The global forecast for the Asian markets is positive on 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 Friday following gains from the financial shares and technology stocks.

For the day, the index rallied 242.54 points or 1.07 percent to finish at 22,901.64 after trading between 22,726.19 and 23,011.11.

Among the actives, Cathay Financial rose 0.29 percent, while Mega Financial collected 0.39 percent, CTBC Financial improved 0.72 percent, First Financial perked 0.19 percent, Fubon Financial was up 0.11 percent, E Sun Financial gathered 0.36 percent, Taiwan Semiconductor Manufacturing Company accelerated 2.45 percent, United Microelectronics Corporation dipped 0.19 percent, Hon Hai Precision added 0.50 percent, Catcher Technology slid 0.21 percent, MediaTek soared 4.42 percent, Delta Electronics shed 0.39 percent, Novatek Microelectronics gained 0.20 percent, Formosa Plastics increased 0.10 percent, Nan Ya Plastics lost 0.34 percent, Asia Cement slumped 1.29 percent and Largan Precision was unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Friday but quickly moved to the upside and remained that way, ending near session highs.

The Dow rallied 409.76 points or 0.97 percent to finish at 42,863.86, while the NASDAQ added 60.94 points or 0.33 percent to close at 18,342.94 and the S&P 500 rose 34.98 points or 0.61 percent to end at 5,815.03. For the week, the Dow jumped 1.2 percent and the NASDAQ and S&P both gained 1.1 percent.

The strength on Wall Street partly a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.

The data reinforced optimism that the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50-basis point cut next month have largely evaporated.

On the corporate front, companies like Wells Fargo (WFC) and JPMorgan Chase (JPM) surged on strong quarterly results, while Tesla (TSLA) tumbled after unveiling its robotaxi.

Crude oil prices saw a modest pullback on Friday after surging in the previous session. West Texas Intermediate crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.