The Taiwan stock market broke its two-day losing streak on Monday, where it had previously declined over 650 points, equating to a 2.8% drop. The Taiwan Stock Exchange currently stands slightly above the 23,100-point mark and is set for a promising performance in Tuesday's trading session.
Globally, forecasts for Asian markets are optimistic, with technology stocks anticipated to spearhead the upward momentum. European markets remained stable, while U.S. markets experienced gains, suggesting that Asian markets may follow suit.
On Monday, the Taiwan Stock Exchange closed with notable increases, particularly from sectors such as financial, technology, and plastics. The index climbed 594.29 points, or 2.64%, to settle at 23,104.54, within a trading range of 22,811.56 to 23,132.25.
In individual stock performance, Cathay Financial rose by 2.53%, Mega Financial edged up 0.13%, while CTBC Financial and Nan Ya Plastics both inched up 0.16%. First Financial improved by 1.67%, E Sun Financial increased by 1.86%, and Taiwan Semiconductor Manufacturing Company jumped by 4.35%. United Microelectronics Corporation gained 1.30%, Hon Hai Precision grew 2.49%, and Largan Precision advanced 1.39%. Catcher Technology stood out with a 3.06% rise, MediaTek was up by 1.44%, Delta Electronics grew by 1.94%, Novatek Microelectronics surged by 2.77%, and Formosa Plastics increased by 1.50%. However, Asia Cement declined by 1.21%, while Fubon Financial remained unchanged.
Wall Street provided a positive lead. Despite opening flat on Monday, the major averages rallied and ended in positive territory. The Dow rose by 66.69 points, or 0.16%, closing at 42,906.95. The NASDAQ jumped by 192.29 points, or 0.98%, ending at 19,764.88, and the S&P 600 increased by 43.22 points, or 0.73%, to finish at 5,974.07.
The NASDAQ's rise was primarily driven by a rally in semiconductor stocks, accompanied by notable strength in computer hardware stocks. Overall trading was muted, as market participants appeared hesitant to engage in large-scale actions, likely due to the upcoming Christmas Day holiday on Wednesday.
In economic news, the U.S. Commerce Department reported a larger-than-expected decline in new orders for manufactured durable goods in November. Additionally, the Conference Board disclosed an unforeseen drop in consumer confidence for December.
In the oil market, futures settled lower on Monday amid concerns over a potential supply glut and the impact of a stronger dollar, which pressured oil prices. West Texas Intermediate Crude oil futures for February fell by $0.26, or 0.3%, settling at $69.20 per barrel.
The material has been provided by InstaForex Company -
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