(RTTNews) – The Taiwan stock market has finished higher in four straight sessions, spiking more than 300 points or 2.2 percent along the way. The Taiwan Stock Exchange now sits just above the 14,480-point plateau and it’s predicted to open higher again on Tuesday.
The global forecast for the Asian markets is optimistic thanks to Brexit and stimulus news, although profit taking may set in as the day progresses. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The TSE finished sharply higher on Monday following gains from the cement, plastic and chemical companies, while the financials and technology stocks were mixed.
For the day, the index jumped 151.65 points or 1.06 percent to finish at 14,483.07 after trading between 14,363.45 and 14,483.07.
Among the actives, Cathay Financial added 0.36 percent, while Mega Financial collected 0.68 percent, CTBC Financial shed 0.52 percent, Fubon Financial rose 0.11 percent, E Sun Financial slid 0.20 percent, Taiwan Semiconductor Manufacturing Company advanced 0.78 percent, United Microelectronics Corporation spiked 3.96 percent, Largan Precision dropped 0.77 percent, Catcher Technology fell 0.25 percent, MediaTek accelerated 3.50 percent, Formosa Plastic climbed 1.08 percent, Formosa Chemical perked 1.51 percent, Asia Cement gained 0.82 percent, Taiwan Cement was up 0.47 percent and Hon Hai Precision and First Financial were unchanged.
The lead from Wall Street is solid as stocks opened higher on Monday and remained in the green throughout the session, sending the major averages to fresh record closing highs.
The Dow jumped 204.10 points or 0.68 percent to finish at 30,403.97, while the NASDAQ climbed 94.69 points or 0.74 percent to end at 12,899.42 and the S&P 500 gained 32.30 points or 0.87 percent to close at 3,735.36.
The strength on Wall Street came in reaction to news that President Donald Trump finally signed a $2.3 trillion government spending bill that includes approximately $900 billion in coronavirus relief funds.
Trading activity remained subdued, however, with many traders still away from their desks ahead of the New Year’s Day holiday on Friday.
Crude oil prices drifted lower on Monday as rising coronavirus cases and tighter restrictions on travel in several places raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February ended down $0.61 or 1.3 percent at $47.62 a barrel.
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