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Taiwan Stocks May See Continued Support On Monday

The Taiwan stock market has tracked higher in two straight sessions, gathering almost 120 points or 1.1 percent along the way. The Taiwan Stock Exchange now rests just above the 10,860-point plateau and it's looking at another green light on Monday.

The global forecast for the Asian markets is broadly positive thanks to solid U.S. employment data and a spike in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.

The TSE finished modestly higher on Friday following gains from the financial shares and the technology stocks.

For the day, the index perked 41.58 points or 0.38 percent to finish at 10,864.82 after trading between 10,845.38 and 10,882.75 on turnover of 122.89 billion Taiwan dollars.

Among the actives, Cathay Financial shed 0.76 percent, while Fubon Financial collected 0.20 percent, Mega Financial was unchanged, Taiwan Semiconductor Manufacturing Company added 0.40 percent, Hon Hai Precision spiked 2.40 percent, Largan Precision soared 3.90 percent, AU Optronics skidded 1.10 percent, Advanced Semiconductor Engineering climbed 0.95 percent, United Microelectronics Corporation tumbled 2.27 percent, China Steel gained 0.43 percent and Taiwan Steel Union plunged 2.69 percent.

The lead from Wall Street is solid as stocks moved sharply higher on Friday, adding the gains in the previous session as the NASDAQ closed higher for the sixth straight session to a record closing high.

The Dow spiked 440.53 points or 1.77 percent to 25,335.74, while the NASDAQ jumped 132.86 points or 1,79 percent to 7,560.81 and the S&P climbed 47.60 points or 1.74 percent to 2,786.57. For the week, the NASDAQ soared 4.2 percent, the Dow jumped 3.3 percent and the S&P gained 3.5 percent.

The rally followed the Labor Department report showing stronger than expected job growth in February.

The markets also benefited from easing geopolitical concerns amid news President Donald Trump has agreed to meet with North Korean leader Kim Jong-Un.

Crude oil prices rallied Friday on data showing the U.S. rig count dropped for the first time in seven weeks. April WTI crude added $1.92 or 3.2 percent to $62.04 a barrel on the New York Mercantile Exchange. Prices were up 1.3 percent for the week.

by RTTNews Staff Writer

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