The Taiwan stock market has moved higher in back-to-back trading days, gathering almost 300 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just beneath the 16,340-point plateau and it figures to see additional support on Tuesday.
The global forecast for the Asian markets is positive, supported by crude oil prices and bargain hunting. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly higher on Monday following gains from the plastics, mixed performances from the technology and cement stocks and weakness from the financials.
For the day, the index rose 36.23 points or 0.22 percent to finish at 16,338.29 after trading between 16,136.97 and 16,397.59.
Among the actives, Cathay Financial shed 0.55 percent, while Mega Financial collected 0.31 percent, CTBC Financial lost 0.44 percent, First Financial sank 0.69 percent, E Sun Financial fell 0.79 percent, Taiwan Semiconductor Manufacturing Company dropped 0.87 percent, United Microelectronics Corporation soared 3.73 percent, Largan Precision added 0.51 percent, Catcher Technology rose 0.28 percent, MediaTek skidded 1.26 percent, Formosa Plastic advanced 0.82 percent, Asia Cement slid 0.59 percent, Taiwan Cement was up 0.20 percent and Hon Hai Precision and Fubon Financial were unchanged.
The lead from Wall Street is firm as the major averages opened solidly higher on Monday and picked up steam as the session progressed.
The Dow climbed 186.14 points or 0.54 percent to finish at 34,393.98, while the NASDAQ jumped 190.18 points or 1.41 percent to end at 13,661.17 and the S&P 500 advanced 41.19 points or 0.99 percent to close at 4,197.05.
The gains on Wall Street came as continued optimism about global economic recovery and the momentum in vaccination drive outweighed concerns over inflation and fears of monetary tightening by central banks.
While the Federal Reserve has repeatedly signaled it believes the recent increase in inflation largely reflects “transitory factors,” a spike in prices could still raise concerns about the central bank tapering its asset purchases.
Crude oil futures climbed higher on Monday as inconclusive nuclear deal negotiations with Iran and reports of a possible hurricane in the Gulf of Mexico supporting prices. West Texas Intermediate Crude oil futures for July surged $2.47 or 3.9 percent at $66.05 a barrel.
Market Analysis
Taiwan Stock Market Poised To Add To Its Winnings On Tuesday
2021-05-25 00:30:10
