Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in five straight sessions, rallying almost 2,900 points or 9 percent in that span. The Taiwan Stock Exchange now sits just above the 35,450-point plateau and it may add to its winnings again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with energy and technology stocks expected to provide support. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The TSE finished slightly higher on Monday following gains from the plastics companies and mixed performances from the financial and technology sectors. For the day, the index added 39.46 points or 0.11 percent to finish at 35,457.29 after trading between 35,261.73 and 35,552.49. Among the actives, Cathay Financial added 0.33 percent, while Mega Financial retreated 1.38 percent, CTBC Financial collected 0.31 percent, First Financial shed 0.52 percent, E Sun Financial lost 0.62 percent, Taiwan Semiconductor Manufacturing Company sank 0.50 percent, United Microelectronics Corporation crashed 3.06 percent, Hon Hai Precision dipped 0.25 percent, Largan Precision surged 5.19 percent, Catcher Technology rose 0.26 percent, MediaTek rallied 2.86 percent, Delta Electronics gathered 0.29 percent, Novatek Microelectronics perked 0.13 percent, Formosa Plastics skyrocketed 9.48 percent, Nan Ya Plastics soared 5.02 percent, Asia Cement was down 0.28 percent and Fubon Financial was unchanged.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly trended to the upside and into the green, finishing at daily highs.

The Dow climbed 301.68 points or 063 percent to finish at 48,218.25, while the NASDAQ jumped 280.84 points or 1.23 percent to close at 23,183.74 and the S&P 500 rallied 69.35 points or 1.02 percent to end at 6,886.24.

The strength that emerged on Wall Street came as traders kept an eye on developments in the Middle East after weekend talks between the U.S. and Iran failed to produce an agreement.

Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel. While the news contributed to a significant increase by the price of crude oil, traders seem optimistic Trump will back down once again and avoid a return to war.

Traders were also looking ahead to the start of earnings season, with companies largely expected to report strong financial results despite the Middle East conflict.