Taiwan Stock Market May Extend Winning Streak

(RTTNews) - The Taiwan stock market has finished higher in three straight sessions, advancing more than 470 points or 5 percent in that span. The Taiwan Stock Exchange now rests just beneath the 10,140-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is firm on optimism regarding both the coronavirus and the crude oil price war. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are tipped to follow the latter lead.

The TSE finished sharply higher on Wednesday following gains from the financial shares, technology stocks and cement companies.

For the day, the index spiked 141.08 points or 1.41 percent to finish at 10,137.47 after trading between 9,984.66 and 10,149.76.

Among the actives, Cathay Financial gathered 1.13 percent, while CTBC Financial collected 0.28 percent, Fubon Financial jumped 1.88 percent, First Financial perked 1.01 percent, E Sun Financial accelerated 1.63 percent, Taiwan Semiconductor Manufacturing Company added 0.71 percent, United Microelectronics Corporation rose 0.35 percent, Hon Hai Precision soared 5.34 percent, Largan Precision climbed 1.54 percent, Catcher Technology advanced 0.74 percent, MediaTek increased 0.72 percent, Asia Cement surged 5.26 percent, Taiwan Cement spiked 2.63 percent, Formosa Plastic was up 0.75 percent and Mega Financial was unchanged.

The lead from Wall Street is broadly positive as stocks fluctuated early in Wednesday's trade before surging in the afternoon.

The Dow soared 779.71 points or 3.44 percent to finish at 23,433.57, while the NASDAQ spiked 203.64 points or 2.58 percent to 8,090.90 and the S&P 500 surged 90.57 points or 3.41 percent to end at 2,749.98.

Stocks continued to benefit from optimism that some of the countries hit hardest by the Covid-19 pandemic are flattening the infection curve as the number of new cases has decreased in recent days after reaching a peak last Friday.

Further buying interest was generated in reaction to news Senator Bernie Sanders, I-Vt., dropped out of the race for the Democratic presidential nomination - which soothed investors concerned about the self-described Democratic Socialist enacting his more progressive policies.

Crude oil prices rose sharply on Wednesday, rebounding from losses in previous sessions ahead of today's crucial production meeting between OPEC and its allies. West Texas Intermediate Crude oil futures for May ended up $1.46 or 6.2 percent at $25.09 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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