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Taiwan Stock Market May Add To Its Winnings

The Taiwan stock market on Monday ended the two-day losing streak in which it had fallen almost 120 points or 1.2 percent. The Taiwan Stock Exchange now rests just above the 10,250-point plateau and it's expected to extend its gains on Tuesday.

The global forecast for the Asian markets is firm thanks to solid economic data, rising oil prices and expected bargain hunting. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The TSE finished barely higher on Monday following mixed performances from the financial shares and technology stocks.

For the day, the index picked up 8,53 points or 0.08 percent to finish at 10,250.28 after trading between 10,214.02 and 10,269.30.

Among the actives, Cathay Financial eased 0.11 percent, while Fubon Financial shed 0.45 percent, CTBC Financial collected 0.49 percent, Mega Financial advanced 0.93 percent, First Financial fell 0.24 percent, Formosa Plastic sank 0.96 percent, Taiwan Semiconductor Manufacturing Company added 0.22 percent, United Microelectronics Corporation skidded 1.29 percent, Hon Hai Precision lost 0.42 percent, AsusTek Computer tumbled 1.59 percent, Asia Cement eased 0.13 percent and Taiwan Cement was down 0.39 percent.

The lead from Wall Street is broadly positive thanks to bargain hunting after a rough couple of sessions. The major averages opened in the green on Monday and stayed there throughout the session.

The Dow added 200.64 points or 0.79 percent to 25,650.88, while the NASDAQ spiked 149.92 points or 2.02 percent to 7,558.06 and the S&P 500 jumped 40.23 points or 1.47 percent to 2,783.30.

The rally on Wall Street came following a report from the Commerce Department showing an unexpected uptick in U.S. retail sales in January. The Commerce Department also noted business inventories increased as expected in December.

But the upside for the Dow was limited by a big drop in shares of Boeing, with the aerospace giant slumping 5.3 percent. Boeing came under pressure following the crash of Ethiopian Airlines Flight 302, which was the second crash in five months involving the company's 737 Max 8 model.

Crude oil prices moved higher on Monday, lifted by reports that Saudi Arabia will extend output cuts. West Texas Intermediate Crude futures for April ended up $0.72 or 1.3 percent at $56.79 a barrel.

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