The Taiwan stock market on Monday halted the four-day slide in which it had dropped more than 160 points or 1.6 percent. The Taiwan Stock Exchange now rests just above the 9,765-point plateau it’s predicted to see continued support on Tuesday.
The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The TSE finished sharply higher on Monday following gains from the technology stocks and steel companies, although the financial shares weighed.
For the day, the index jumped 98.06 points or 1.01 percent to finish at 9,765.36 after trading between 9,679.98 and 9,847.35 on turnover of 88.31 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company spiked 2.06 percent, while United Microelectronics Corporation advanced 3.14 percent, AsusTek Computer perked 1.62 percent, Largan Precision soared 4.23 percent, Hon Hai Precision jumped 1.43 percent, AU Optronics added 0.80 percent, Cathay Financial shed 0.80 percent, Fubon Financial lost 0.40 percent, CTBC Financial collected 0.73 percent, Mega Financial fell 0.38 percent, Formosa Plastic added 0.50 percent, Chunghwa Telecom slid 0.46 percent, Asia Cement gathered 1.54 percent and Taiwan Cement climbed 1.87 percent.
The lead from Wall Street is broadly positive and stocks opened sharply higher on Monday and remained in the green throughout the session, offsetting last week’s selloff.
The Dow jumped 354.29 points or 1.46 percent to 24,640.24, while the NASDAQ soared 142.87 points or 2.06 percent to 7,081.85 and the S&P climbed 40.89 points or 1.55 percent to 2,673.45.
The rebound on Wall Street came as traders looked to pick up stocks at reduced levels on the heels of recent weakness.
Traders are also looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week. Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday – looking for signs of progress on a potential trade deal.
Crude oil prices rebounded on Monday on hopes OPEC members will cut production to prevent a supply glut in the market. U.S. West Texas Intermediate crude futures for January ended up $1.21 or 2.4 percent at $51.63 a barrel.
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