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Taiwan Bourse Inherits Positive Lead For Thursday

The Taiwan stock market has finished higher in two straight sessions, advancing more than 200 points or 1.9 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,775-point plateau and it's looking at another green light again for Thursday's trade.

The global forecast for the Asian markets is upbeat on easing coronavirus fears and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher following gains from the technology and cement stocks and a mixed picture from the financial shares.

For the day, the index jumped 110.15 points or 0.94 percent to finish at 11,774.19 after trading between 11,693.40 and 11,801.52.

Among the actives, Cathay Financial collected 0.36 percent, while Mega Financial eased 0.16 percent, CTBC Financial added 0.44 percent, Fubon Financial gained 0.76 percent, First Financial fell 0.41 percent, Taiwan Semiconductor Manufacturing Company climbed 1.06 percent, United Microelectronics Corporation increased 1.20 percent, Hon Hai Precision spiked 3.14 percent, Largan Precision soared 3.20 percent, Catcher Technology surged 3.40 percent, MediaTek accelerated 2.95 percent, Asia Cement rose 0.22 percent, Taiwan Cement was up 0.47 percent and E Sun Financial was unchanged.

The lead from Wall Street is positive as stocks made a strong move to the upside on Wednesday, adding to the modest gains in the previous session and sending the major averages to new record closing highs.

The Dow added 275.08 points or 0.94 percent to end at 29,551.42, while the NASDAQ rose 87.02 points or 0.90 percent to 9,725.96 and the S&P 500 gained 21.70 points or 0.65 percent to 3,379.45.

The rally on Wall Street came as traders pushed stocks to new record highs despite concerns about the economic impact of the coronavirus outbreak; a recent slowdown in the rate of growth in new infections has led to optimism the outbreak is being contained.

Traders also kept an eye on Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee. Powell said the Fed is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Despite a jump in U.S. crude stockpiles last week, crude oil prices moved up sharply on Wednesday amid expectations that OPEC will significantly cut crude production. West Texas Intermediate Crude oil futures for March ended up $1.23 or 2.5 percent at $51.17 a barrel.

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