Tech Shares May Boost Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Friday ended the two-day slide in which it had slumped more than 1,550 points or 3.5 percent. The Taiwan Stock Exchange now sits just beneath the 44,170-point plateau and it's expected to open to the upside again on Monday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion. The TSE finished sharply higher on Friday following gains from the finance, technology, plastics and cement sectors.

For the day, the index soared 1,019.54 points or 2.36 percent to finish at 44,169.04 after trading between 43,587.63 and 44,798.88. Among the actives, CTBC Financial perked 0.15 percent, while First Financial climbed 1.14 percent, Fubon Financial tanked 2.79 percent, E Sun Financial collected 1.48 percent, Taiwan Semiconductor Manufacturing Company rallied 2.67 percent, United Microelectronics Corporation soared 6.80 percent, Hon Hai Precision improved 0.77 percent, Largan Precision plunged 3.48 percent, MediaTek vaulted 2.33 percent, Delta Electronics jumped 2.55 percent, Novatek Microelectronics perked 0.10 percent, Formosa Plastics accelerated 3.31 percent, Nan Ya Plastics skyrocketed 9.91 percent, Asia Cement surged 2.03 percent and Cathay Financial, Mega Financial and Catcher Technology were unchanged.

The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.

The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.

Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.

Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.

Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.

Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.