(RTTNews) – The Taiwan stock market has moved higher in two straight sessions, advancing more than 270 points or 1.7 percent along the way. The Taiwan Stock Exchange now sits just above the 16,300-point plateau and it may see additional support again on Monday.
The global forecast for the Asian markets is upbeat on optimism for economy recovery and support from crude oil prices. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow that lead.
The TSE finished sharply higher on Friday following gains from the financials, plastics and cement companies, while the technology stocks were mixed.
For the day, the index spiked 245.78 points or 1.53 percent to finish at 16,305.88 after trading between 16,140.37 and 16,325.62.
Among the actives, Cathay Financial climbed 1.60 percent, while CTBC Financial collected 0.46 percent, Fubon Financial added 0.36 percent, E Sun Financial gained 0.58 percent, Taiwan Semiconductor Manufacturing Company rallied 2.61 percent, United Microelectronics Corporation accelerated 2.26 percent, Largan Precision lost 0.76 percent, Catcher Technology rose 0.25 percent, MediaTek shed 0.63 percent, Formosa Plastic perked 1.00 percent, Asia Cement advanced 1.09 percent, Taiwan Cement jumped 1.32 percent and Hon Hai Precision, Mega Financial and First Financial were unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Friday and largely remained in the green throughout the session, accelerating into the close.
The Dow surged 453.40 points or 1.39 percent to finish at 33,072.88, while the NASDAQ spiked 161.04 points or 1.24 percent to end at 13,138.72 and the S&P 500 jumped 65.02 points or 1.66 percent to close at 3,974.54. For the week, the Dow rose 1.4 percent, the NASDAQ fell 0.6 percent and the S&P gained 1.6 percent.
The strength on Wall Street reflected optimism about the economy reopening after President Joe Biden doubled his goal for the administration of coronavirus vaccines in his first 100 days in office – now aiming for 200 million.
Banking stocks helped lead the way higher after the Federal Reserve announced restrictions on bank holding company dividends and share repurchases will end for most firms after June 30.
In economic news, the Commerce Department said personal income plunged by 7.1 percent in February after skyrocketing 10.1 percent in January. Also, the University of Michigan said U.S. consumer sentiment improved more than estimated in March.
Crude oil prices rose sharply Friday on concerns it might take several weeks to dislodge the giant container ship stuck in the Suez Canal. West Texas Intermediate Crude oil futures for May ended up $2.41 or 4.1 percent at $60.97 a barrel.
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