(RTTNews) – The Taiwan stock market has moved higher in consecutive trading days, gathering almost 480 points or 3.1 percent along the way. The Taiwan Stock Exchange now sits just above the 15,460-point plateau and it has a positive lead again for Monday.
The global forecast for the Asian markets suggests a higher open on hopes for additional stimulus and surging oil prices. The European and U.S. markets were up on Friday and the Asian bourses are tipped to at least open in similar fashion, although profit taking may set in later.
The TSE finished sharply higher on Friday following gains from the financials, cement companies and technology stocks.
For the day, the index advanced 249.95 points or 1.64 percent to finish at the daily high of 15,463.95 after moving as low as 15,275.38.
Among the actives, Cathay Financial accelerated 2.27 percent, while Mega Financial added 0.84 percent, CTBC Financial collected 1.01 percent, Fubon Financial jumped 2.71 percent, First Financial climbed 1.18 percent, E Sun Financial increased 1.19 percent, Taiwan Semiconductor Manufacturing Company rallied 2.65 percent, United Microelectronics Corporation spiked 3.57 percent, Largan Precision rose 0.33 percent, Catcher Technology was up 0.24 percent, MediaTek soared 4.88 percent, Hon Hai Precision and Formosa Plastic both advanced 0.93 percent, Asia Cement gained 0.46 percent and Taiwan Cement perked 0.23 percent.
The lead from Wall Street is upbeat as stocks fluctuated on Friday but managed to finish firmly in the green, sending the major averages to fresh record closing highs.
The Dow rose 56.84 points or 0.18 percent to finish at 31,097.97, while the NASDAQ jumped 134.50 points or 1.03 percent to end at 13,201.98 and the S&P 500 gained 20.89 percent or 0.55 percent to close at 3,824.68. For the week, the Dow rose 1.8 percent, the NASDAQ gained 2.4 percent and the S&P added 1.6 percent.
The markets benefited from optimism that a Democrat-controlled government will lead to more fiscal stimulus and a better handling of the coronavirus vaccine rollout.
Traders were also reacting to a closely watched Labor Department report showing an unexpected decrease in U.S. employment in December – which may provide more ammunition for Democrats to pursue additional stimulus.
Crude oil prices rose sharply on Friday, as recent data showing a drop in U.S. crude stockpiles, and Saudi Arabia’s decision to cut output continued to support the commodity. West Texas Intermediate Crude oil futures for February ended up by $1.41 or 2.8 percent at $52.24 a barrel.