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Continued Support Predicted For Taiwan Stock Market

The Taiwan stock market on Monday halted the two-day slide in which it had fallen almost 60 points or 0.4 percent. The Taiwan Stock Exchange now rests just above the 13,875-point plateau and it's got another green light for Tuesday's trade.

The global forecast for the Asian markets is upbeat on Covid-19 vaccine optimism. The European markets were slightly lower and the U.S. bourses were higher and the Asian markets figure to at least open in the green, although some profit taking may occur as the session progresses.

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

For the day, the index jumped 161.57 points or 1.18 percent to finish at 13,878.01 after trading between 13,793.55 and 13,921.16.

Among the actives, Cathay Financial advanced 0.97 percent, Mega Financial and CTBC Financial both collected 0.51 percent, Fubon Financial climbed 1.34 percent, E Sun Financial gained 0.99 percent, Taiwan Semiconductor Manufacturing Company jumped 1.74 percent, United Microelectronics Corporation skyrocketed 9.90 percent, Hon Hai Precision added 0.48 percent, Largan Precision tumbled 1.73 percent, Catcher Technology lost 0.52 percent, MediaTek shed 0.54 percent, Formosa Plastic rose 0.57 percent, Asia Cement was up 0.11 percent, Taiwan Cement rallied 0.70 percent and First Financial was unchanged.

The lead from Wall Street is positive as stocks opened higher on Monday and remained mostly in the green throughout the day, offsetting losses from the previous session.

The Dow soared 327.79 points or 1.12 percent to finish at 29,591.27, while the NASDAQ added 25.66 points or 0.22 percent to end at 11,880.63 and the S&P 500 rose 20.05 points or 0.56 percent to close at 3,577.59.

The strength on Wall followed additional upbeat news regarding a potential Covid-19 vaccine after AstraZeneca (AZN) said its vaccine candidate being developed in collaboration with Oxford University had an average efficacy of 70 percent.

Adding to the positive sentiment, the FDA has granted an emergency use authorization for Regeneron's Covid-19 antibody treatment.

Crude oil prices moved higher on Monday on optimism that OPEC and other oil producers may extend the curb on crude production by another few months. West Texas Intermediate Crude oil futures for January ended up $0.64 or 1.5 percent at $43.06 a barrel.

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