(RTTNews) – The Taiwan stock market has tracked higher in consecutive trading days, advancing almost 450 points or 2.6 percent along the way. The Taiwan Stock Exchange now sits just beneath the 17,300-point plateau and it’s likely to see additional support on Monday.
The global forecast for the Asian markets is positive on optimism for the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The TSE finished sharply higher on Friday following gains from the financial shares and technology stocks, while the cement companies were soft.
For the day, the index spiked 290.60 points or 1.71 percent to finish at the daily high of 17,285.00 after trading between 17,032.23.
Among the actives, Cathay Financial climbed 1.29 percent, while Mega Financial advanced 0.77 percent, CTBC Financial rose 0.43 percent, Fubon Financial jumped 1.72 percent, First Financial collected 0.67 percent, E Sun Financial accelerated 2.54 percent, Taiwan Semiconductor Manufacturing Company rallied 2.04 percent, United Microelectronics Corporation soared 5.26 percent, Hon Hai Precision spiked 4.44 percent, Largan Precision gained 0.50 percent, Catcher Technology gathered 1.33 percent, MediaTek added 0.47 percent, Formosa Plastic plummeted 7.08 percent, Asia Cement fell 0.20 percent and Taiwan Cement dropped 1.32 percent.
The lead from Wall Street is upbeat as the major averages opened mostly higher on Friday and remained in the green throughout the trading day.
The Dow jumped 229.26 points or 0.66 percent to finish at 34,777.76, while the NASDAQ spiked 119.44 points or 0.88 percent to end at 13,752.24 and the S&P 500 added 30.98 points or 0.74 percent to close at 4,232.60. For the week, the Dow surged 2.7 percent, the NASDAQ fell 1.5 percent and the S&P 500 gained 1.2 percent.
The strength on Wall Street followed the closely watched Labor Department report showing weaker than expected job growth in April. Traders reacted positively to this because the it reinforced the view the Federal Reserve will leave ultra-easy monetary policy in place for the foreseeable future.
The data led to a particularly strong upward move by high-growth tech stocks, which are seen as more susceptible to higher interest rates.
Crude oil prices moved higher on Friday on optimism for increased demand in Europe and the U.S. although gains were capped by coronavirus concerns in Asia. West Texas Intermediate Crude oil futures for June ended up $0.19 or 0.3 percent at $64.90 a barrel. WTI crude futures gained about 2.1 percent in the week.