(RTTNews) - The Taiwan stock market on Monday ended the three-day losing streak in which it had tumbled more than 700 points or 1.8 percent. Now at a fresh record closing high, the Taiwan Stock Exchange sits just above the 40,700-point plateau although it may head south again on Tuesday.
The global forecast for the Asian markets is negative amidst rising hostilities in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The TSE finished with huge gains on Monday as strong earnings propelled the technology stocks, while the plastics and financials were soft.
For the day, the index skyrocketed 1,778.51 points or 4.57 percent to finish at 40,705.14 after trading between 39,228.39 and 40,755.52.
Among the actives, Cathay Financial dipped 0.16 percent, while Mega Financial fell 0.26 percent, CTBC Financial eased 0.15 percent, First Financial tanked 2.08 percent, E Sun Financial stumbled 1.73 percent, Taiwan Semiconductor Manufacturing Company accelerated 6.56 percent, United Microelectronics Corporation surged 5.05 percent, Hon Hai Precision soared 3.64 percent, Largan Precision rallied 2.39 percent, Catcher Technology rose 0.24 percent, MediaTek skyrocketed 9.96 percent, Delta Electronics spiked 2.54 percent, Novatek Microelectronics jumped 1.59 percent, Formosa Plastics tumbled 1.36 percent, Nan Ya Plastics slumped 1.34 percent, Asia Cement fell 0.43 percent and Fubon Financial was unchanged.
The lead from Wall Street is weak as the major averages opened mixed on Monday but quickly headed south and finished solidly in the red.
The Dow tumbled 557.37 points or 1.13 percent to finish at 48,941.90, while the NASDAQ dropped 46.64 points or 0.19 percent to close at 25,067.80 and the S&P 500 sank 29.37 points or 0.41 percent to end at 7,200.75.
The weakness that emerged on Wall Street came amid a substantial increase by the price of crude oil after a social media post from the United Arab Emirates's Defense Ministry said four cruise missiles launched from Iran were detected toward various areas across the country.
A report from Reuters indicating a fire broke out at a major oil industry zone in the U.A.E. following an Iranian drone attack also added to concerns about a re-escalation of the Middle East conflict.
Iranian state media also claimed the Islamic Revolutionary Guard Corps hit a U.S. warship with two missiles, although U.S. Central Command denied the report and said, "No U.S. Navy ships have been struck."
Crude oil prices skyrocketed on Monday as the Strait of Hormuz blockade continues to hold oil transit, despite the ongoing diplomatic efforts to end the U.S.-Iran war. West Texas Intermediate crude for June delivery was up $4.00 or 3.92 percent at $105.94 per barrel.
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