The Taiwan stock market on Monday wrote a finish to the two-day slide in which it had plummeted more than 540 points or 3.6 percent. The Taiwan Stock Exchange now sits just above the 15,410-point plateau and it may extend its gains on Tuesday.
The global forecast for the Asian is broadly positive as they recover from heavy selling last week. The European and U.S. bourses were firmly higher and the Asian markets are expected to follow that lead.
The TSE finished sharply higher on Monday following gains from the financial, cement and plastics companies, while the technology stocks were mixed.
For the day, the index jumped 271.78 points or 1.80 percent to finish at 15,410.09 after trading between 15,089.96 and 15,429.98.
Among the actives, Mega Financial gathered 1.78 percent, while CTBC Financial collected 0.79 percent, Fubon Financial advanced 0.88 percent, First Financial added 0.50 percent, E Sun Financial gained 1.27 percent, Taiwan Semiconductor Manufacturing Company rallied 3.38 percent, United Microelectronics Corporation jumped 1.60 percent, Hon Hai Precision climbed 1.35 percent, Largan Precision eased 0.17 percent, Catcher Technology tumbled 1.77 percent, MediaTek spiked 3.43 percent, Formosa Plastic perked 1.26 percent, Asia Cement improved 1.13 percent, Taiwan Cement was up 1.62 percent and Cathay Financial was unchanged.
The lead from Wall Street is upbeat as stocks opened higher on Monday and stayed firmly in the green throughout the session, cutting into last week's heavy losses.
The Dow climbed 229.29 points or 0.76 percent to finish at 30,211.91, while the NASDAQ spiked 332.70 points or 2.55 percent to end at 13,403.39 and the S&P 500 gained 59.62 points or 1.61 percent to close at 3,773.86.
The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels after the markets saw their biggest weekly decline since October.
Traders continued to keep an eye on heavily-shorted stocks like GameStop (GME) and AMC Entertainment, which have seen considerable volatility amid speculative trading by retail investors. Share of GameStop plunged by 30.8 percent on the day, while shares of AMC edged up by 0.3 percent after seeing early strength.
In economic news, the Institute for Supply Management said the pace of growth in U.S. manufacturing activity slowed more than expected in January. Also, the Commerce Department said U.S. construction spending increased by slightly more than expected in December.
Crude oil futures ended sharply higher Monday on optimism about improved vaccination rollout and OPEC production cuts. West Texas Intermediate Crude oil futures for March rose $1.35 or 2.6 percent at $53.55 a barrel.
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