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Taiwan Bourse May See Additional Support

The Taiwan stock market has moved higher in two of three trading days since the end of the two-day slide in which it had stumbled more than 100 points or 1.1 percent. The Taiwan Stock Exchange now rests just beneath the 9,820-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism that the Covid-19 curve may finally be flattening. The European and U.S. markets were firmly higher and the Asian markets are also tipped to open in the green.

The TSE finished sharply higher on Monday following gains from the technology and cement stocks, while the financials came in mixed.

For the day, the index accelerated 155.11 points or 1.61 percent to finish at the daily high of 9,818.74 after moving as low as 9,651.52.

Among the actives, Cathay Financial shed 0.57 percent, while Mega Financial gathered 1.43 percent, CTBC Financial collected 0.56 percent, Fubon Financial fell 0.27 percent, Taiwan Semiconductor Manufacturing Company climbed 1.47 percent, United Microelectronics Corporation jumped 2.17 percent, Hon Hai Precision rose 0.29 percent, Largan Precision advanced 2.66 percent, Catcher Technology was up 0.25 percent, MediaTek increased 2.10 percent, Asia Cement gained 1.17 percent, Taiwan Cement added 0.13 percent, Formosa Plastic soared 4.30 percent and First Financial and E Sun Financial were unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Monday and picked up steam as the day progressed.

The Dow surged 1,627.46 points or 7.73 percent to 22,679.99, while the NASDAQ soared 540.15 points or 7.33 percent to 7,913.24 and the S&P 500 spiked 175.03 points or 7.03 percent to end at 2,663.68.

The rally on Wall Street came as the reported death tolls in some of the world's coronavirus hot spots showed signs of easing over the weekend. The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease.

Reports of decreases in the number of new infections and deaths in European countries like Italy and Spain also generated positive sentiment.

Crude oil prices drifted lower on Monday after moving up in the previous two sessions due to the postponement of a meeting between leading oil producers. West Texas Intermediate crude oil futures for June ended down $2.26 or 8 percent at $26.08 a barrel.

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