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Taiwan Bourse May Crack Resistance At 13,000 Points

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(RTTNews) – The Taiwan stock market had finished higher in eight straight sessions, surging more than 710 points or 5.7 percent along the way. The Taiwan Stock Exchange now rests just above the 12,950-point plateau and it’s tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is upbeat, with tech shares expected to lead the way higher. The European markets were mixed and the U.S. bourse were broadly higher and the Asian markets are tipped to follow the latter lead.

The TSE finished modestly higher on Monday following mixed performances from the financial shares and technology stocks.

For the day, the index rose 68.72 points or 0.53 percent to finish at 12,955.91 after trading between 12,898.89 and 12,997.79.

Among the actives, Cathay Financial collected 0.39 percent, while Mega Financial gained 0.89 percent, CTBC Financial retreated 1.09 percent, Fubon Financial gathered 0.97 percent, First Financial fell 0.24 percent, Taiwan Semiconductor Manufacturing Company jumped 1.55 percent, United Microelectronics Corporation shed 0.47 percent, Hon Hai Precision advanced 0.90 percent, Largan Precision plummeted 8.58 percent, Catcher Technology climbed 1.12 percent, MediaTek skyrocketed 6.57 percent, Formosa Plastic rose 0.25 percent, Asia Cement dropped 0.97 percent, Taiwan Cement lost 0.49 percent and E Sun Financial was unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Monday, extending the strong upward move seen in recent sessions and sending the major averages to their best closing levels in a month.

The Dow jumped 250.62 points or 0.88 percent to finish at 28,837.52, while the NASDAQ surged 296.32 points or 2.56 percent to end at 11,876.26 and the S&P 500 perked 57.09 points or 1.64 percent to close at 3,534.22.

Technology stocks led the markets higher, as reflected by the significant advance by the tech-heavy NASDAQ. Apple (AAPL) posted a standout gain, surging up by 6.4 percent, while Facebook (FB) and Google parent Alphabet (GOOGL) also moved notably higher.

Shares of Twitter (TWTR) also showed a strong move to the upside after Deutsche Bank upgraded its rating on the social media giant to Buy from Hold.

The markets also continued to benefit from optimism about a new stimulus bill even though House Speaker Nancy Pelosi said talks will remain at an impasse until serious issues with the Trump administration’s latest proposal are resolved.

Crude oil prices declined sharply on Monday amid concerns over excess supply in the market and worries about a possible drop in energy demand due to rising coronavirus cases. West Texas Intermediate Crude oil futures for November were down $1.17 or 2.9 percent at $39.43 a barrel.