Taiwan Bourse May Extend Friday's Gains

(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes though the last four trading days since the end of the three-day winning streak in which it had climbed more than 3,650 points or 9.1 percent. The Taiwan Stock Exchange now sits just above the 44,730-point plateau and it's likely to open in the green on Monday.

The global forecast for the Asian markets is cautiously optimistic on easing oil prices and hopes for an end to the U.S.-Iran conflict. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished sharply higher on Friday following gains from the financials, technology stocks, plastics companies and cement shares.

For the day, the index rallied 1,096.54 points or 2.51 percent to finish at 44,732.94 after trading between 43,815.48 and 44,933.95.

Among the actives, Cathay Financial climbed 1.06 percent, while Mega Financial added 0.50 percent, CTBC Financial collected 2.02 percent, First Financial gained 0.73 percent. E Sun Financial advanced 0.81 percent. Taiwan Semiconductor Manufacturing Company rallied 2.61 percent, United Microelectronics Corporation, Hon Hai Precision skyrocketed 9.89 percent, Largan Precision vaulted 2.63 percent, Catcher Technology soared 6.82 percent, MediaTek tumbled 2.27 percent. Delta Electronics jumped 2.30 percent, Novatek Microelectronics fell 0.31 percent, Formosa Plastics spiked 5.33 percent, Nan Ya Plastics surged 8.40 percent, Asia Cement accelerated 4.94 percent and Fubon Financial was unchanged.

The lead from Wall Street is mildly positive as the major averages opened higher on Friday and remained largely in the green throughout the trading day, ending at fresh record closing highs.

The Dow jumped 363.46 points or 0.72 percent to finish at 51,032.46, while the NASDAQ added 55.12 points or 0.20 percent to end at 26,972.62 and the S&P 500 rose 16.43 points or 0.22 percent to end at 7,580.06.

For the holiday-shortened week, the NASDAQ surged 2.4 percent, the S&P 500 jumped 1.4 percent and the Dow advanced 0.9 percent.

The higher close on Wall Street came as traders generally remain optimistic about a U.S.-Iran deal but seemed to be waiting for more concrete developments before making more significant moves. Recent reports have suggested the U.S. and Iran have agreed to a framework for a 60-day extension of the ceasefire.

Positive sentiment may have been generated in reaction a sharp increase by shares of Dell Technologies (DELL), which skyrocketed after the company reported better than expected fiscal Q1 results and raised its full-year guidance.

Crude oil prices tumbled Friday on expectations of the U.S. and Iran signing an agreement, which would allow for the immediate reopening of the Strait of Hormuz and pave the way for the resumption of oil and energy trade. West Texas Intermediate crude for July delivery was down $1.65 or 1.86 percent at $87.25 per barrel.