Taiwan Bourse Poised To Add To Its Winnings On Monday

(RTTNews) - The Taiwan stock market has moved higher in consecutive trading days, gathering almost 350 point or 2.1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 16,500-point plateau and it looking at another green light for Monday's trade.

The global forecast for the Asian markets is upbeat thanks to an apparent resolution to the U.S. debt ceiling crisis forged over the weekend. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The TSE finished sharply higher on Friday following gains from the technology stocks and mixed performances from the financial and plastic sectors.

For the day, the index jumped 213.05 points or 1.31 percent to finish at 16,505.05 after trading between 16,457.74 and 16,537.79.

Among the actives, Cathay Financial shed 0.34 percent, while Mega Financial eased 0.14 percent, Fubon Financial collected 0.17 percent, E Sun Financial dipped 0.19 percent, Taiwan Semiconductor Manufacturing Company soared 4.24 percent, United Microelectronics Corporation spiked 3.07 percent, Largan Precision declined 1.11 percent, Catcher Technology fell 0.27 percent, MediaTek rallied 3.11 percent, Delta Electronics surged 3.25 percent, Novatek Microelectronics added 0.60 percent, Formosa Plastics gained 0.32 percent, Nan Ya Plastics slumped 1.01 percent, Asia Cement slid 0.23 percent, Taiwan Cement was down 0.13 percent, China Steel lost 0.68 percent and Hon Hai Precision, CTBC Financial and First Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained solidly in the green throughout the session.

The Dow surged 328.64 points or 1.00 percent to finish at 33,093.34, while the NASDAQ spiked 277.59 points or 2.19 percent to end at 12,975.69 and the S&P 500 jumped 54.17 points or 1.30 percent to close at 4,205.45. For the week, the Dow slumped 1.0 percent, the NASDAQ rallied 2.5 percent and the S&P rose 0.3 percent.

Stocks benefitted from renewed optimism about raising the U.S. debt ceiling amid reports lawmakers are closing in on an agreement.

Those hopes came to fruition over the weekend when President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle. It will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024.

Optimism about a debt ceiling deal overshadowed a Commerce Department report showing a reacceleration in the annual rate of consumer price growth in the month of April.

Crude oil prices climbed higher on Friday after Russia played down the prospect of additional output cuts by OPEC. West Texas Intermediate crude oil futures for July ended higher by $0.84 or 1.2 percent at $72.67 a barrel. WTI crude futures gained about 1.6 percent last week.