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Additional Support Predicted For Taiwan Stock Market

The Taiwan stock market has climbed higher in two of three volatile trading days since the end of the seven-day losing streak in which it had plunged more than 2,350 points or 24 percent. The Taiwan Stock Exchange now rests just above the 9,285-point plateau and it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is broadly positive on optimism that a massive stimulus bill from the U.S. Congress is close at hand. The European and U.S. markets finished with huge gains and the Asian bourses are now tipped to open in the green.

The TSE finished with big gains on Tuesday, supported by the technology, financial and cement sectors, among others.

For the day, the index soared 395.59 points or 4.45 percent to finish at 9,285.62 after trading between 9,083.78 and 9,415.64.

Among the actives, Cathay Financial collected 1.46 percent, while Mega Financial increased 1.30 percent, CTBC Financial perked 2.79 percent, Fubon Financial rose 0.69 percent, First Financial climbed 3.62 percent, E Sun Financial spiked 6.37 percent, Taiwan Semiconductor Manufacturing Company advanced 4.90 percent, United Microelectronics Corporation added 0.73 percent, Hon Hai Precision gained 2.81 percent, Largan Precision accelerated 6.23 percent, Catcher Technology jumped 5.22 percent, MediaTek soared 7.14 percent, Asia Cement was up 2.36 percent and Taiwan Cement surged 5.96 percent.

The lead from Wall Street suggests major upside as stocks skyrocketed on Tuesday, cutting into the losses suffered in recent weeks due to concerns over the coronavirus.

The Dow skyrocketed 2,112.98 points or 11.37 percent to end at 20,704.91, while the NASDAQ soared 557.18 points or 8.12 percent to 7,417.86 and the S&P 500 surged 209.93 points or 9.3 percent to 2,447.33.

The rally on Wall Street came amid indications Democrats and Republicans are closing in on an agreement on a massive fiscal stimulus bill. Democrats are still pushing for increased oversight of a proposed $500 billion bailout fund to help industries that are struggling amid the coronavirus outbreak.

Traders were also reacting to President Donald Trump's comments suggesting the coronavirus-related shutdown of much of the country could end sooner than many anticipated - although that flies in contrast to what most health experts say.

Crude oil prices were higher Tuesday, extending gains from the previous session thanks to the Federal Reserve's massive asset-buying scheme. Optimism for a $2 trillion fiscal stimulus bill added to the positive sentiment. West Texas Intermediate Crude oil futures for May ended up $0.65 or 2.8 percent at $24.01 a barrel.

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