(RTTNews) – The Taiwan stock market has moved higher in consecutive trading days, gathering more than 100 points or 0.9 percent along the way. The Taiwan Stock Exchange now rests just above the 10,925-point plateau and it’s expected to add to its winnings on Wednesday.
The global forecast for the Asian markets is broadly positive on easing concerns of a trade war between the United States and China, plus a spike in crude oil prices. The European and U.S. markets moved higher and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly higher on Tuesday as gains from the financials and cement stocks were tempered by weakness from the steel producers and a mixed picture from the technology companies.
For the day, the index advanced 33.65 points or 0.31 percent to finish at 10,927.18 after trading between 10,874.83 and 10,975.67 on turnover of 141.43 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.20 percent, while Innolux skidded 1.17 percent, Hon Hai Precision shed 0.40 percent, United Microelectronics Corporation gained 0.33 percent, Largan Precision surged 8.30 percent, China Steel dipped 0.21 percent, Taiwan Steel Union tumbled 1.54 percent, Taiwan Cement spiked 2.28 percent, Fubon Financial climbed 1.39 percent, Mega Financial added 0.79 percent, CTBC Financial collected 0.24 percent and Cathay Financial and Advanced Semiconductor Engineering were unchanged.
The lead from Wall Street is upbeat as stocks moved sharply higher on Tuesday, adding to the modest gains in the previous session.
The Dow added 428.90 points or 1.789 percent to 24,408.00, while the NASDAQ jumped 143.96 points or 2.07 percent to 7,094.30 and the S&P gained 43.71 points or 1.67 percent to 2,656.87.
The strength followed comments from Chinese President Xi Jinping regarding the trade dispute between China and the U.S. Xi promised to lower import tariffs on products and take other steps to further open the world’s second-largest economy.
In economic news, the Labor Department said producer prices climbed more than expected in March.
Energy stocks turned in some of the market’s best performances on the day, benefiting from a sharp increase by the price of crude oil. Crude oil for May delivery jumped $2.09 to $65.51 a barrel.
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