Higher Open Called For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in back-to-back sessions, collecting more than 680 points or 2.4 percent along the way. The Taiwan Stock Exchange now sits just beneath the 28,150-point plateau and it figures to open to the upside again on Tuesday. The global forecast for the Asian markets is mixed to higher, with gold, oil and technology shares likely to lead the way higher. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished sharply higher on Monday following gains from the financial shares, technology stocks and plastics companies. For the day, the index jumped 453.29 points or 1.64 percent to finish at 28,149.64 after trading between 27,986.66 and 28,168.75. Among the actives, Mega Financial vaulted 1.48 percent, while CTBC Financial perked 0.16 percent, Fubon Financial collected 0.92 percent, E Sun Financial sank 0.75 percent, Taiwan Semiconductor Manufacturing Company rallied 2.45 percent, United Microelectronics Corporation added 0.39 percent, Hon Hai Precision climbed 1.13 percent, Largan Precision skyrocketed 8.74 percent, Catcher Technology jumped 1.55 percent, MediaTek slumped 0.71 percent, Delta Electronics surged 4.61 percent, Novatek Microelectronics rose 0.27 percent, Formosa Plastics gained 0.38 percent, Nan Ya Plastics improved 0.83 percent, Asia Cement advanced 0.97 percent and Cathay Financial was unchanged. The lead from Wall Street is positive as the major averages opened higher on Monday and spent all day in the green.

The Dow climbed 227.79 points or 0.47 percent to finish at 48,362.68, while the NASDAQ jumped 121.21 points or 0.52 percent to close at 23,428.83 and the S&P 500 added 43.99 points or 0.64 percent to end at 6,878.49.

The strength on Wall Street came as on continued strength among technology stocks, with companies like Oracle (ORCL) and AI darling and market leader Nvidia (NVDA) leading the charge.

Overall trading activity was subdued, however, with a lack of major U.S. economic data keeping traders on the sidelines. Some traders may also be away as they look to get a head start on the Christmas Day holiday on Thursday.

Crude oil prices surged on Monday as the conflict between the U.S. and Venezuela continue to escalate, while Russia and Ukraine remain heavily engaged. West Texas Intermediate crude for February delivery was up $1.43 or 2.53 percent at $57.95 per barrel. Closer to home, Taiwan will provide November figures for export orders later today; in October, export orders jumped 25.1 percent on year.