(RTTNews) – The Taiwan stock market has finished higher in three straight trading days, gathering more than 750 points or 3.7 percent in that span. The Taiwan Stock Exchange now sits just above the 20,230-point plateau and it’s tipped to open in the green again on Wednesday.
The global forecast for the Asian markets is positive on optimism ahead of earnings season. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The TSE finished sharply higher on Tuesday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index jumped 198.22 points or 0.99 percent to finish at the daily high of 20,232.63 after trading as low as 20,007.30.
Among the actives, Mega Financial collected 0.54 percent, while CTBC Financial soared 2.63 percent, First Financial climbed 1.00 percent, Fubon Financial accelerated 2.78 percent, Taiwan Semiconductor Manufacturing Company gained 0.56 percent, United Microelectronics Corporation perked 0.11 percent, Hon Hai Precision rose 0.35 percent, Largan Precision added 0.45 percent, Catcher Technology sank 0.91 percent, MediaTek rallied 1.48 percent, Delta Electronics dipped 0.15 percent, Novatek Microelectronics dropped 0.97 percent, Formosa Plastics spiked 2.07 percent, Nan Ya Plastics strengthened 1.64 percent, Asia Cement added 0.56 percent and Cathay Financial and E Sun Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Tuesday but trended steadily upward throughout the session to finish with solid gains.
The Dow rallied 300.03 points or 0.75 percent to finish at 40,527.62, while the NASDAQ advanced 95.19 points or 0.55 percent to close at 17,461.32 and the S&P 500 gained 32.08 points or 0.58 percent to end at 5,560.83.
The strength that emerged on Wall Street came amid positive developments on the trade front, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.
Earlier in the day, traders seemed reluctant to make significant moves ahead of the release of key earnings and economic news in the coming days.
Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Visa (V), Eli Lilly (LLY), Chevron (CVX) and Exxon Mobil (XOM) are all due to report earnings this week.
Crude oil futures moved sharply on Tuesday amid ongoing concerns that a weakening U.S. economy and the U.S.-led trade war with partners will hurt energy demand. West Texas Intermediate crude for June delivery plunged $1.63 or 2.6 percent to $60.42 a barrel.
Closer to home, Taiwan will provide preliminary Q1 numbers for gross domestic product later today, with forecasts suggesting an increase of 3.3 percent on year following the 2.9 percent expansion in the previous three months.
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