(RTTNews) – The Taiwan stock market has climbed higher in three straight sessions, advancing more than 170 points or 1.7 percent in that span. The Taiwan Stock Exchange now rests just above the 10,250-point plateau and the market may add to its winnings on Tuesday.
The global forecast for the Asian markets is firm thanks to positive news from Europe, although persistent weakness in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The TSE finished modestly higher on Monday following gains among the financial shares and technology stocks.
For the day, the index climbed 93.87 points or 0.92 percent to finish at the daily high of 10,250.60 after moving as low as 10,162.22 on turnover of 89.31 billion Taiwan dollars.
Among the actives, Cathay Financial climbed 1.47 percent, while Fubon Financial collected 0.97 percent, Taiwan Semiconductor Manufacturing Company advanced 0.71 percent, Hon Hai Precision surged 4.29 percent, AU Optronics slipped 0.80 percent, Largan Precision spiked 2.22 percent, Innolux picked up 0.70 percent, Formosa Plastics jumped 1.23 percent and Taiwan Cement added 0.15 percent.
The lead from Wall Street is broadly positive as stocks moved higher on Monday, allowing the Dow and the S&P 500 to both hit new record closing highs.
The Dow climbed 144.71 points or 0.7 percent to 21,528.99, while the NASDAQ surged 87.25 points or 1.4 percent to 6,239.01 and the S&P added 20.31 points or 0.8 percent to 2,453.46.
The buying interest on Wall Street was in reaction to political news out of Europe. Brexit negotiations with the EU have begun after Britain bowed to pressure for a formal opening to their long-awaited negotiations.
Also, French President Emmanuel Macron’s party won a clear parliamentary majority in Sunday’s election, giving him a strong mandate in parliament to pursue his pro-European Union, business-friendly reform plans.
Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. WTI light sweet crude oil was down 58 cents at $44.17 a barrel.
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