Win Streak May Continue For Taiwan Stock Market

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(RTTNews) – The Taiwan stock market has finished higher in five straight sessions, accelerating almost 380 points or 2.1 percent along the way. The Taiwan Stock Exchange now sits just beneath the 17,950-point plateau and it’s tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is optimistic on easing fears regarding the Omicron variant of the coronavirus. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished modestly higher on Monday following gains from the technology stocks and mixed performances from the financials and cement companies.

For the day, the index climbed 87.30 points or 0.49 percent to finish at 18,048.94 after trading between 17,975.41 and 18,099.78.

Among the actives, Cathay Financial collected 0.33 percent, while Mega Financial increased 0.28 percent, CTBC Financial dipped 0.19 percent, First Financial improved 0.21 percent, Taiwan Semiconductor Manufacturing Company rose 0.33 percent, Hon Hai Precision added 0.48 percent, Largan Precision was up 0.20 percent, Catcher Technology fell 0.32 percent, MediaTek rallied 2.23 percent, Delta Electronics jumped 1.85 percent, Formosa Plastic perked 0.48 percent, Asia Cement dipped 0.23 percent, Taiwan Cement advanced 0.42 percent and United Microelectronics Corporation, Fubon Financial and E Sun Financial were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Monday and accelerated as the day progressed, ending at or near record closing highs.

The Dow spiked 351.82 points or 0.98 percent to finish at 36,302.38, while the NASDAQ surged 217.89 points or 1.39 percent to end at 15,871.26 and the S&P 500 gained 65.40 points or 1.38 percent to close at 4,791.19.

The continued strength on Wall Street came amid easing concerns about the economic impact of the Omicron variant of the coronavirus. While Omicron seems to be more transmissible, the new strain purportedly causes milder symptoms and could accelerate the end of the pandemic.

Stocks may also have benefitted from so-called window-dressing going into the end of the year, with traders looking to boost the value of the portfolios.

Crude oil futures ended sharply higher Monday amid hopes the Omicron variant will not any significantly impact global economic recovery. West Texas Intermediate Crude oil futures for February ended up by $1.78 or 2.4 percent at $75.57 a barrel.