Win Streak May Continue For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market has climbed higher in three consecutive trading days, collecting more than 220 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 10,465-point plateau and it draws another green light for Tuesday.

The global forecast for the Asian markets is upbeat thanks to solid economic data, although a decline in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The TSE finished modestly higher on Monday following gains from the financial shares and the technology stocks.

For the day, the index picked up 81.22 points or 0.78 percent to finish at 10,465.16 after trading between 10,414.53 and 10,472.81 on turnover of 98.61 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company spiked 1.85 percent, while Innolux advanced 1.06 percent, Largan Precision jumped 1.49 percent, Catcher Technology surged 6.10 percent, AU Optronics and Hon Hai Precision were unchanged, Cathay Financial added 0.21 percent, Mega Financial collected 0.63 percent and Fubon Financial gained 0.53 percent.

The lead from Wall Street is positive as stocks moved higher on Monday, adding to recent gains and setting fresh record closing highs.

The Dow added 152.51 points or 0.68 percent to 22,557.60, while the NASDAQ rose 20.76 points or 0.32 percent to 6,516.72 and the S&P climbed 9.76 points or 0.39 percent to 2,529.12.

In economic news, the Institute for Supply Management saw an unexpected acceleration in growth in manufacturing activity in September. Also, the Commerce Department said construction spending in the U.S. increased by more than expected in August.

Crude oil futures tumbled Monday as the U.S. dollar continued to strengthen. Also, a report said OPEC compliance with its supply quota plan has dropped to 86 percent. WTI light sweet crude oil was down $1.24 to $50.43 a barrel.

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