The Taiwan stock market has witnessed an upward trend for two consecutive sessions, accruing over 170 points or 0.9 percent during this period. The Taiwan Stock Exchange is currently on the cusp of the 18,060-point plateau and appears likely to continue its positive trajectory on Monday.
Projections for the global forecast of Asian markets are optimistic, bolstered by compelling U.S. employment statistics. Economies in Europe presented mixed results, while the U.S. stock markets were on the rise, a trend that the Asian markets are likely to follow.
Last Friday, the Taiwan Stock Exchange exhibited a moderate increase as a result of varying performance levels from financial sectors, tech stocks, and plastics companies.
On the day, the index garnered an impressive 91.83 points or 0.51 percent, closing at the daily highest of 18,059.93 after fluctuating as low as 17,985.89.
Key players in the market exhibited varied performance with Cathay Financial declining 0.79 percent, First Financial gaining 0.37 percent, and Taiwan Semiconductor Manufacturing Company escalating 1.11 percent, among others.
The U.S. stock market demonstrated substantial strength with major indices initiating the day mixed, but shifting towards a common upward trend. As a result, both the Dow and the S&P 500 concluded the day at all-time high levels.
The Wall Street rally persisted owing to positive reactions to earnings reported by Meta Platforms, the parent company of Facebook, and the online retail behemoth, Amazon.
In addition, the market also responded positively to the robust job growth in January as reported by the Labor Department undermining the probability of a rate cut in the forthcoming month. Nonetheless, a booming job market is generally considered beneficial for both the stock market and broader economy.
In contrast, oil prices plunged significantly last Friday due to rising uncertainties about an early rate cut by the Federal Reserve, triggered by data revealing an unexpected surge in U.S. non-farm payroll employment in January. The U.S. dollar strengthened post the jobs data, which further pressured oil prices. Consequently, West Texas Intermediate Crude oil futures for March ended 2.1 percent lower at $72.28 a barrel, reflecting an overall decline of more than 7 percent for the week.
