Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in two straight sessions, collecting almost 600 points or 3 percent in that span. The Taiwan Stock Exchange now sits just beneath the 21,130-point plateau and it's tipped to open in the green on Tuesday.

The global forecast for the Asian markets is upbeat on optimism over easing tariff concerns. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher again on Monday following gains from the financial shares, plastics stocks and technology companies.

For the day, the index jumped 214.50 points or 1.03 percent to finish at 21,129.54 after trading between 20,996.95 and 21,176.13.

Among the actives, Mega Financial rallied 2.31 percent, while CTBC Financial perked 0.16 percent, First Financial strengthened 1.35 percent, E Sun Financial skidded 1.01 percent, Taiwan Semiconductor Manufacturing Company improved 0.84 percent, United Microelectronics Corporation jumped 1.98 percent, Hon Hai Precision soared 4.08 percent, Largan Precision spiked 1.61 percent, Catcher Technology advanced 0.92 percent, MediaTek sank 0.75 percent, Delta Electronics slumped 1.07 percent, Novatek Microelectronics accelerated 2.54 percent, Formosa Plastics climbed 0.96 percent, Nan Ya Plastics added 0.64 percent, Asia Cement dropped 0.99 percent and Cathay Financial and Fubon Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened firmly higher on Monday and remained well in the green throughout the trading day.

The Dow surged 1,160.72 points or 2.81 percent to finish at 42,410.10, while the NASDAQ soared 779.43 points or 4.35 percent to close at 18,708.34 and the S&P 500 rallied 184.28 points or 3.26 percent to end at 5,844.19.

The rally on Wall Street came following news of a U.S.-China trade deal that drastically reduces the massive tariffs on each other's goods.

The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff. The U.S. will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent.

The White House said the 34 percent reciprocal tariffs on U.S. and Chinese goods will be suspended for 90 days beginning May 14. Both nations also agreed to establish a mechanism to continue important discussions about trade and economics, the White House said.

Crude oil showed another strong move to the upside on Monday, riding optimism about the outlook for demand after the U.S. and China reached their trade deal. West Texas Intermediate crude for June delivery jumped $0.93 or 1.5 percent to $61.95 a barrel.