Additional Support Predicted For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has climbed higher in three straight sessions, gathering almost 480 points or 3 percent along the way. The Taiwan Stock Exchange now rests just beneath the 15,420-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion. The TSE finished modestly higher on Monday following gains from the plastic and cement companies, while the financials and technology stocks were mixed.

For the day, the index advanced 128.38 points or 0.84 percent to finish at 15,417.35 after trading between 15,315.12 and 15,437.23. Among the actives, Cathay Financial rose 0.11 percent, while Mega Financial fell 0.28 percent, CTBC Financial collected 0.62 percent, Fubon Financial perked 0.17 percent, First Financial dipped 0.19 percent, E Sun Financial slid 0.35 percent, Taiwan Semiconductor Manufacturing Company climbed 1.16 percent, United Microelectronics Corporation rallied 2.72 percent, Hon Hai Precision shed 0.44 percent, Catcher Technology lost 0.57 percent, MediaTek soared 3.22 percent, Delta Electronics spiked 2.62 percent, Formosa Plastics added 0.75 percent, Nan Ya Plastics jumped 1.44 percent, Asia Cement gained 0.72 percent and Taiwan Cement and Largan Precision were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower open on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China's central bank.

In U.S. economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in U.S. homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.