Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in two straight sessions, surging more than 1,700 points or 3.6 percent along the way. Now at a fresh record closing high, the Taiwan Stock Exchange sits just beneath the 45,340-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets suggests mild upside on support from the technology shares. 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 sharply higher on Monday following gains from the financial shares, technology stocks and plastics companies.

For the day, the index vaulted 604.97 points or 1.35 percent to finish at 45,337.91 after trading between 44,872.82 and 45,931.10.

Among the actives, Cathay Financial rallied 2.92 percent, while Mega Financial spiked 3.63 percent, First Financial collected 1.09 percent, Fubon Financial added 0.45 percent, E Sun Financial vaulted 1.62 percent, United Microelectronics Corporation climbed 1.04 percent, Hon Hai Precision expanded 1.56 percent, Largan Precision skyrocketed 9.10 percent, Catcher Technology surged 9.83 percent, MediaTek accelerated 5.68 percent, Delta Electronics slumped 1.02 percent, Novatek Microelectronics soared 4.09 percent, Formosa Plastics jumped 5.37 percent, Nan Ya Plastics strengthened 9.58 percent, Asia Cement lost 0.59 percent and CTBC Financial and Taiwan Semiconductor Manufacturing Company were unchanged.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly started to trend higher, finally ending at fresh record closing highs.

The Dow added 46.42 points or 0.09 percent to finish at 51,078.88. while the NASDAQ climbed 114.19 points or 0.42 percent to end at 27,086.81 and the S&P 500 rose 19.90 points or 0.26 percent to close at 7,599.96.

The higher close on Wall Street partly reflected strength among tech stocks after Nvidia (NVDA) unveiled a new superchip RTX Spark in collaboration with Microsoft (MSFT) that the company said reinvents Windows PCs for the era of personal AI agents.

Buying interest was somewhat subdued, however, as the price of crude oil surged in reaction to the latest developments regarding the conflict in the Middle East.

Crude oil prices skyrocketed Monday on reports the U.S. and Iran exchanging attacks while the U.S. is yet to endorse a negotiated settlement to end the war. West Texas Intermediate crude for July delivery was up $4.64 or 5.31 percent at $92.00 per barrel.

However, crude oil prices pulled back off their highs after President Donald Trump said talks with Iran are continuing at a "rapid pace," while positive communications with Israeli Prime Minister Benjamin Netanyahu and Hezbollah also spurred hopes for an end to the war.