(RTTNews) – The Taiwan stock market on Monday halted the two-day losing streak in which it had declined almost 190 points or 1.7 percent. The Taiwan Stock Exchange now rests just above the 10,840-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets is upbeat, with bargain hunting expected amid easing concerns over a trade war between the United States and China. The European markets were down and the U.S. bourses were firmly higher – and the Asian markets figure to follow the latter lead.
The TSE finished slightly higher on Monday following gains from the financial shares and technology stocks.
For the day, the index added 16.72 points or 0.15 percent to finish at the daily high of 10,840.05 after moving as low as 10,781.43 on turnover of 118.72 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.61 percent, while United Microelectronics Corporation fell 0.33 percent, Hon Hai Precision shed 0.22 percent, Innolux gained 0.39 percent, Largan Precision spiked 2.94 percent, Cathay Financial climbed 1.15 percent, Mega Financial eased 0.20 percent, Fubon Financial collected 0.20 percent, China Trust Financial added 0.48 percent, China Steel lost 0.21 percent and Taiwan Steel Union advanced 0.77 percent.
The lead from Wall Street is broadly positive as stocks opened sharply higher Monday and finished with solid gains following last week’s selloff.
The Dow jumped 669.40 points or 2.84 percent to 24,202.60, while the NASDAQ spiked 227.88 points or 3.26 percent to 7,220.54 and the S&P added 70.29 points or 2.72 percent to 2,658.55.
Bargain hunting contributed to the rally on Wall Street, with the Dow bouncing off its lowest closing level in nearly four months.
Traders picked up stocks at reduced levels amid easing concerns of a potential trade war between the U.S. and China. Chinese Premier Li Keqiang also said that the U.S. and China should maintain negotiations to avoid a trade war.
Crude oil prices fell Monday, ending a recent hot streak despite a weak U.S. dollar. Traders engaged in profit-taking after oil went to a seven-week high. May WTI oil fell 33 cents or 0.5 percent to settle at $65.55/bbl.
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