Continued Strength Anticipated For Taiwan Stock Market

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(RTTNews) – The Taiwan stock market has moved higher in two straight sessions, advancing more than 330 points or 2 percent along the way. The Taiwan Stock Exchange now sits just above the 17,415-point plateau and it’s expected to extend its gains on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, mostly on recent momentum and support from crude oil prices. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The TSE finished modestly higher on Monday as the financial, technology and cement stocks ended mostly in the green.

For the day, the index jumped 118.40 points or 0.68 percent to finish at the daily high of 17,415.30 after moving as low as 17,279.46.

Among the actives, Cathay Financial collected 0.34 percent, while Mega Financial fell 0.30 percent, CTBC Financial advanced 0.86 percent, Fubon Financial jumped 1.52 percent, E Sun Financial gained 0.37 percent, Taiwan Semiconductor Manufacturing Company rose 0.33 percent, United Microelectronics Corporation spiked 3.48 percent, Hon Hai Precision retreated 1.38 percent, Largan Precision rallied 2.24 percent, Catcher Technology added 0.62 percent, MediaTek soared 4.26 percent, Delta Electronics dropped 0.95 percent, Formosa Plastic surged 2.80 percent, Asia Cement was up 0.22 percent, Taiwan Cement strengthened 1.66 percent and First Financial was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher on Monday and remained mostly in the green throughout the session before finishing again at fresh record closing highs.

The Dow climbed 104.27 points or 0.29 percent to finish at 36,432.22, while the NASDAQ added 10.77 points or 0.07 percent to close at 15,982.36 and the S&P 500 rose 4.17 points or 0.09 percent to end at 4,701.70.

The modest strength on Wall Street partly reflected a positive reaction to news that the House of Representatives has passed a $1 trillion infrastructure bill over the weekend. The bill now heads to President Joe Biden’s desk for his signature.

However, traders seemed reluctant to make more significant moves amid some uncertainty about the near-term outlook for the markets following the recent upward trend.

Crude oil futures settled notably higher on Monday, extending gains from the previous session, amid rising optimism about outlook for energy demand. West Texas Intermediate Crude oil futures for December ended higher by $0.66 or 0.8 percent at $81.93 a barrel.