(RTTNews) - The Taiwan stock market has finished higher in eight straight sessions, rallying almost 4,600 points or 13.7 percent in that span. The Taiwan Stock Exchange now sits just above the 37,130-point plateau and it's tipped to at least open higher on Friday.
The global forecast for the Asian markets is cautiously optimistic on hopes for an end to hostilities in the Middle East. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index climbed 409.88 points or 1.12 percent to finish at 37,132.02 after trading between 36,751.09 and 37,135.55.
Among the actives, Mega Financial climbed 1.14 percent, while First Financial dipped 0.17 percent, Fubon Financial collected 0.46 percent, E Sun Financial perked 0.15 percent, Taiwan Semiconductor Manufacturing Company rose 0.24 percent, United Microelectronics Corporation skyrocketed 9.98 percent, Hon Hai Precision fell 0.24 percent, Catcher Technology slumped 1.25 percent, MediaTek surged 5.87 percent, Delta Electronics rallied 3.36 percent, Novatek Microelectronics vaulted 1.73 percent, Formosa Plastics soared 4.21 percent, Nan Ya Plastics jumped 2.26 percent, Asia Cement rose 0.42 percent and Largan Precision, Cathay Financial and CTBC Financial were unchanged.
The lead from Wall Street is positive as the major averages survived early weakness on Thursday and moved modestly up into the green and remained that way to the close.
The Dow climbed 1.15.00 points or 0.24 percent to finish at 48,578.72. while the NASDAQ added 86.69 points or 0.36 percent to close at a record 24,102.70 and the S&P 500 rose 18.33 points or 0.26 percent to end at 7,041.28, also a record.
Traders continued to express optimism about a second round of peace talks between the U.S. and Iran, although a new meeting has not been officially announced.
Adding to the positive sentiment, President Donald Trump announced in a post on Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire.
In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. unexpectedly decreased last month.
Crude oil prices surged on Thursday as concerns of supply disruptions continue despite upcoming peace talks between the U.S. and Iran to end the month-long gulf war. West Texas Intermediate crude for May delivery was up $3.45 or 3.78 percent at $94.74 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
