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Renewed Support Called For Taiwan Stock Market

(RTTNews) - The Taiwan stock market gave up just a handful of points on Monday, but that was enough to snap the four-day winning streak in which it had advanced more than 425 points or 2.8 percent. The Taiwan Stock Exchange now rests just shy of the 16,250-point plateau and it's looking at a green light for Tuesday's trade.

The global forecast for the Asian markets suggests mild upside on easing bond yields ahead of Wednesday's Federal Reserve meeting. The European markets were down and the U.S. bourses were up and the Asian markets are called mixed with an upside bias.

Among the actives, Cathay Financial jumped 1.74 percent, while Mega Financial gathered 1.14 percent, CTBC Financial rallied 1.87 percent, Fubon Financial improved 1.09 percent, First Financial gained 0.92 percent, E Sun Financial collected 0.58 percent, Taiwan Semiconductor Manufacturing Company shed 0.49 percent, United Microelectronics Corporation tumbled 1.93 percent, Hon Hai Precision advanced 0.83 percent, Largan Precision retreated 1.73 percent, Catcher Technology climbed 0.99 percent, MediaTek gained 0.89 percent, Formosa Plastic tanked 1.90 percent, Asia Cement fell 0.34 percent and Taiwan Cement sank 0.82 percent.

The lead from Wall Street ended up being positive as stocks languished near the unchanged line throughout Monday morning before breaking well into the green in the afternoon.

The Dow jumped 174.82 points or 0.53 percent to finish at 32,953.46, while the NASDAQ spiked 139.84 points or 1.05 percent to end at 13,459.71 and the S&P 500 gained 25.60 points or 0.65 percent to close at 3,968.94.

The strength that emerged on Wall Street reflected optimism about the economic outlook amid stepped up coronavirus vaccination efforts and the recent passage of a new $1.9 trillion stimulus bill.

A pullback by treasury yields may also have generated some buying interest, with the ten-year yield moving lower after ending last Friday's trading at its highest closing level in over a year.

Trading activity was subdued, however, as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. Traders are hoping the Fed will address the recent spike in bond yields, which has led to considerable volatility in Wall Street in recent sessions.

Crude oil futures ended lower on Monday with traders weighing energy demand prospects in the wake of a spike in coronavirus cases in Europe. West Texas Intermediate Crude oil futures for April slid $0.22 or 0.3 percent at $65.39 a barrel.



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