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Win Streak May Continue For Taiwan Stock Market

The win streak has reached five sessions now for the Taiwan stock market, which has soared more than 470 points or 4.9 percent in that span. The Taiwan Stock Exchange now rests just beneath the 10,140-point plateau and it's tipped to see additional support again on Tuesday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a jump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

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

For the day, the index spiked 249.84 points or 2.53 percent to finish at 10,137.87 after trading between 9,979.21 and 10,148.75 on turnover of 166.84 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company surged 4.21 percent, while United Microelectronics gathered 1.30 percent, Hon Hai Precision jumped 2.92 percent, Largan Precision skyrocketed 9.94 percent, Catcher Technology accelerated 7.18 percent, AsusTek Computer soared 3.21 percent, Cathay Financial climbed 1.13 percent, Fubon Financial collected 0.72 percent, CTBC Financial advanced 1.22 percent, Mega Financial rose 0.98 percent, Formosa Plastic perked 2.00 percent, Chunghwa Telecom shed 0.93 percent, Asia Cement gained 2.37 percent and Taiwan Cement was up 3.91 percent.

The lead from Wall Street is solid as stocks opened sharply higher on Monday before giving back some ground - although the major averages still finished firmly positive.

The Dow added 287.97 points or 1.13 percent to 25,826.43, while the NASDAQ climbed 110.98 points or 1.51 percent to 7,441.51 and the S&P gained 30.20 points or 1.09 percent to 2,790.37.

The initial jump was a positive reaction to the meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, they agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.

In economic news, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in manufacturing activity in November. A separate report from the Commerce Department showed construction spending unexpectedly edged lower in October.

Crude oil prices rose sharply on Monday amid easing trade tensions after the U.S. and China agreed on a 90-day trade war truce. Crude oil futures for January ended up $2.02 or 4 percent at $52.95 a barrel.

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