Tech Shares May Boost Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in two straight sessions, jumping almost 2,250 points or 5 percent in that span. The Taiwan Stock Exchange now sits just beneath the 45,400-point plateau and it's expected to open in the green again on Tuesday.

The global forecast for the Asian markets is upbeat, even though they've already had the chance to respond the easing of tensions in the Middle East. The European markets were mixed and the U.S. bourses were up and the Asian markets are tipped to at least open to the upside.

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

For the day, the index rallied 1,227.95 points or 2.78 percent to finish at 45,396.99 after trading between 44,447.87 and 45,483.63.

Among the actives, Cathay Financial vaulted 3.48 percent, while Mega Financial climbed 1.38 percent, First Financial advanced 0.97 percent, Fubon Financial spiked 4.51 percent, E Sun Financial collected 0.87 percent, Taiwan Semiconductor Manufacturing Company accelerated 2.81 percent, United Microelectronics Corporation soared 5.99 percent, Hon Hai Precision expanded 2.69 percent, Largan Precision skyrocketed 9.95 percent, Catcher Technology climbed 1.21 percent, MediaTek surged 6.94 percent, Delta Electronics slipped 0.23 percent, Novatek Microelectronics improved 1.33 percent, Formosa Plastics rallied 4.42 percent, Nan Ya Plastics gained 9.86 percent, Asia Cement rose 0.71 percent and CTBC Financial was unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and remained that way throughout the trading day.

The Dow jumped 468.77 points or 0.92 percent to finish at 51,671.03, while the NASDAQ surged 795.10 points or 3.07 percent to end at 26,683.94 and the S&P 500 rallied 122.83 points or 1.65 percent to close at 7,554.29.

The rally on Wall Street followed news that the U.S. and Iran have reached an agreement to end more than three months of war.

The agreement reportedly extends the U.S.-Iran ceasefire for 60 days, with the countries set to use that window to negotiate over Iran's nuclear enrichment and the disposal of its highly enriched uranium.

Crude oil prices plummeted Monday after the U.S. and Iran reached an agreement to end their conflict and allow the immediate resumption of trade via the Strait of Hormuz. West Texas Intermediate crude for July delivery was down $4.31 or 5.08 percent at $80.57 per barrel.

In U.S. economic news, a report released by the Federal Reserve showed a modest increase in industrial production in the U.S. in May.