Tech Shares May Extend Taiwan Bourse Rally

(RTTNews) - The Taiwan stock market on Wednesday ended the two-day losing streak in which it had given up almost 820 points or 1.7 percent. The Taiwan Stock Exchange now sits just beneath the 46,890-point plateau and it's expected to see continued support on Thursday.

The global forecast for the Asian markets is positive on easing oil prices and upbeat earnings news. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher on Wednesday following gains from the plastic, chemical, energy, mineral and communication sectors.

For the day, the index jumped 594.84 points or 1.28 percent to finish at 46,887.77 after trading between 46,454.33 and 47,254.93.

The lead from Wall Street is firm as the major averages opened flat but quickly tracked to the upside and largely trended that way throughout the session.

The Dow jumped 360.21 points or 0.69 percent to finish at 52,856.09, while the NASDAQ rallied 278.04 points or 1.05 percent to close at 26,702.86 and the S&P 500 gained 44.60 points or 0.58 percent to end at 7,757.17.

The advance by the NASDAQ reflected strength in the tech sector amid a positive reaction to earnings news from companies like SpaceX (SPCX), Tesla (TSLA) and Super Micro Computer (SMCI).

Crude oil prices edged lower Wednesday on reports of progress in Strait of Hormuz shipping traffic. West Texas Intermediate crude for December delivery was down by $0.69 or 0.71 percent at $97.13 per barrel.