Tech Shares May Boost Taiwan Stock Market

(RTTNews) - The Taiwan stock market has tracked higher in four straight sessions, surging more than 2,800 points or 6.2 percent along the way. The Taiwan Stock Exchange now sits just beneath the 47,720-point plateau and it's looking at another green light again on Tuesday.

The global forecast for the Asian markets is upbeat as easing crude oil prices allayed concerns about inflation and the corresponding outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The TSE finished sharply higher on Monday following gains from the finance, energy, utility, glass and technology sectors.

For the day, the index climbed 538.09 points or 1.14 percent to finish at 47,718.84 after trading between 47,207.30 and 47,750.98.

The lead from Wall Street is positive as the major averages opened solidly higher on Monday and continued to track higher as the day progressed, ending at session highs.

The Dow climbed 366.19 points or 0.71 percent to finish at 52,048.83, while the NASDAQ soared 599.55 points or 2.26 percent to close at a record high of 27,122.09 and the S&P 500 gained 114.20 points or 1.49 percent to end at 7,764.70.

The tech-heavy NASDAQ led the rally amid renewed optimism about outlook for large AI hyperscalers, with Advanced Micro Devices (AMD), Seagate, Intel, Western Digital and Marvell all posting standout gains.

Energy stocks came under pressure as oil prices fell sharply on hopes the diplomatic efforts by U.S. and Iran will help de-escalate tensions in the Middle East. West Texas Intermediate crude oil futures for October dropped to $95.70 a barrel, losing more than 4.5 percent.

Adding to the positive sentiment, the yield on 10-year US bond dropped below the 5 percent mark on easing inflation concerns.

Closer to home, Taiwan will release August figures for export orders and unemployment later this morning; in July, export orders surged 61.9 percent on year, while the jobless rate was 3.33 percent.