Additional Support Predicted For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has tracked higher in back-to-back sessions, rallying almost 3,450 points or 8 percent along the way. The Taiwan Stock Exchange now sits just above the 43,380-point plateau and it's expected to add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on sinking crude oil prices and optimism for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Monday as gains from the technology and plastics companies were capped by weakness from the financial sector.

For the day, the index climbed 266.66 points or 0.62 percent to finish at 43,386.41 after trading between 42,780.42 and 43,784.19.

The lead from Wall Street is solid as the major averages opened higher and continued to accelerate throughout the trading day, ending at session highs.

The Dow rallied 693.38 points or 1.32 percent to finish at 53,178.41, while the NASDAQ surged 540.04 points or 2.13 percent to end at 25,913.90 and the S&P 500 jumped 110.78 points or 1.48 percent to close at 7,600.50.

The rally on Wall Street came as crude oil prices have plummeted amid renewed optimism about an end to the conflict in the Middle East.

Crude oil prices plummeted on Monday, with supply disruption threats diminishing after U.S. President Donald Trump called off a planned attack on Iran. West Texas Intermediate crude for September delivery was down $4.77 5.63 percent at $79.90 per barrel.

Trump later claimed that talks between the U.S. and Iran would begin Monday afternoon, although Tehran has denied there are plans for direct negotiations with the U.S.

In U.S. economic news, the Institute for Supply Management said U.S. manufacturing activity increased more than expected in July.