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Taiwan Stock Market May Spin Its Wheels On Tuesday

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(RTTNews) – The Taiwan stock market has finished higher in six straight sessions, spiking more than 570 points or 4.7 percent along the way. The Taiwan Stock Exchange now rests just above the 13,125-point plateau although it may run out of steam on Tuesday.

The global forecast for the Asian markets is broadly positive on hopes for a Covid-19 vaccine. The European markets were sharply higher and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index advanced 153.94 points or 1.19 percent to finish at 13,127.47 after trading between 13,048.67 and 13,149.90.

Among the actives, Cathay Financial gained 0.76 percent, while Mega Financial advanced 0.88 percent, Fubon Financial accelerated 1.79 percent, First Financial gathered 0.72 percent, E Sun Financial collected 0.59 percent, Taiwan Semiconductor Manufacturing Company climbed 1.33 percent, United Microelectronics Corporation soared 4.26 percent, Hon Hai Precision jumped 1.88 percent, Largan Precision spiked 3.82 percent, Catcher Technology fell 0.27 percent, MediaTek rose 0.29 percent, Formosa Plastic added 0.37 percent, Asia Cement was up 0.36 percent, Taiwan Cement perked 0.73 percent and CTBC Financial was unchanged.

The lead from Wall Street is mixed as stocks skyrocketed to open Monday before giving ground as the day progressed and finished on opposite sides of the unchanged line.

The Dow surged 834.57 points or 2.95 percent to finish at 29,157.97, while the NASDAQ plummeted 181.45 points or 1.53 percent to end at 11,713.78 and the S&P 500 jumped 41.06 points or 1.17 percent to close at 3,550.50.

The early rally on Wall Street came following upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer (PFE) and BioNTech (BNTX).

The vaccine news added to positive sentiment generated in reaction to the weekend’s news that Democratic candidate Joe Biden’s is projected to win the presidential election.

However, President Donald Trump has refused to concede the race, alleging widespread voter fraud with no evidence and launching legal challenges in several key states.

The NASDAQ’s slide came as traders moved money out of tech stocks that benefited from the coronavirus pandemic.

Crude oil prices rose sharply Monday as positive news about a potential coronavirus vaccine outweighed reports showing spikes in new infections. West Texas Intermediate Crude oil futures for December ended up $3.15 or 8.5 percent at $40.29 a barrel.