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Taiwan Stock Market May Add To Its Winnings

The Taiwan stock market on Monday halted the three-day slide in which it had stumbled more than 340 points or 3.7 percent. The Taiwan Stock Exchange now rests just above the 9,590-point plateau and it's got a positive lead again for Tuesday.

The global forecast for the Asian markets is upbeat on optimism for the global trade outlook - plus a bump in crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

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

For the day, the index soared 207.79 points or 2.21 percent to finish at 9,590.30 after trading between 9,460.20 and 9,596.35 on turnover of 91.87 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company jumped 2.40 percent, while Asustek Computer perked 3.10 percent, United Microelectronics Corporation accelerated 2.80 percent, Innolux advanced 2.06 percent, AU Optronics was up 1.68 percent, Largan Precision soared 6.88 percent, Hon Hai Precision climbed 2.51 percent, Asia Cement surged 2.95 percent, Taiwan Cement jumped 1.55 percent, Formosa Plastics gathered 4.41 percent, CTBC Financial rose 1.52 percent, Cathay Financial added 1.46 percent, Mega Financial gained 1.39 percent and Fubon Financial collected 1.43 percent.

The lead from Wall Street is positive as stocks extended Friday's gains, allowing the major averages to offset last month's selloff.

The Dow added 98.19 points or 0.42 percent to 23,531.35, while the NASDAQ gained 84.61 points or 1.26 percent to 6,823.47 and the S&P rose 17.75 points or 0.70 percent to 2,549.69.

The continued strength on Wall Street reflected optimism about high-level trade talks between the U.S. and China in Beijing; the two-day meeting was described as positive and constructive.

Meanwhile, traders largely shrugged off an Institute for Supply Management report showing growth in U.S. service sector activity slowed more than expected in December.

Crude oil futures were up Monday, extending gains to a sixth straight session on reports Saudi Arabia will reduce crude exports by the end of this month. Crude oil futures for February were up $0.56 or 1.2 percent at $48.52 a barrel.

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