Taiwan Stock Market May Extend Winning Streak

(RTTNews) - The Taiwan stock market has finished higher in six straight sessions, rallying almost 3,750 points or 11.4 percent in that span. The Taiwan Stock Exchange now sits just beneath the 36,300-point plateau and it's expected to add to its winnings again on Wednesday.

The global forecast for the Asian markets is upbeat on tumbling crude oil prices and hopes for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The TSE finished sharply higher on Tuesday following gains from the plastic and technology sectors, while the financials came in mixed.

For the day, the index spiked 838.83 points or 2.37 percent to finish at 36,296.12 after trading between 35,584.09 and 36,341.44.

Among the actives, Cathay Financial dipped 0.16 percent, while Mega Financial perked 0.13 percent, First Financial collected 0.53 percent, Fubon Financial slipped 0.19 percent, E Sun Financial gained 2.03 percent, Taiwan Semiconductor Manufacturing Company expanded 3.27 percent, United Microelectronics Corporation shed 0.67 percent, Hon Hai Precision vaulted 3.75 percent, Largan Precision skyrocketed 9.88 percent, Catcher Technology jumped 2.60 percent, MediaTek soared 6.17 percent, Delta Electronics added 0.57 percent, Novatek Microelectronics climbed 1.01 percent, Formosa Plastics rallied 5.64 percent, Nan Ya Plastics spiked 3.85 percent and Asia Cement and CTBC Financial were unchanged.

The lead from Wall Street is firm as the major averages opened solidly in the green on Tuesday and continued to climb as the day progressed, ending at session highs.

The Dow jumped 317.74 points or 0.66 percent to finish at 48,535.99, while the NASDAQ soared 455.35 points or 1.96 percent to end at 23,639.08 and the S&P 500 rallied 81.14 points or 1.18 percent to close at 6,967.38.

The continued strength on Wall Street came amid optimism about a second round of talks between the U.S. and Iran over ending the Middle East conflict.

The news about potential negotiations contributed to a sharp pullback by the price of crude oil. In addition, the International Energy Agency's report cautioning crude oil "demand destruction" weighed on prices. West Texas Intermediate crude for May delivery was down $7.18 or 7.25 percent at $91.90 per barrel.

Adding to the positive sentiment, a report from the Labor Department showed producer prices in the U.S. increased much less than expected last month.