Taiwan shares pass 10,000 point level after U.S.-China trade talks

Taipei, Shares in Taiwan closed up about 250 points to pass the 10,000 point mark Monday, spurred by a temporary truce in the trade war between the United States and China so the countries can hold talks.

The weighted index on the Taiwan Stock Exchange (TWSE), or the Taiex, rose to a high of 10,148.75 points before closing at 10,137.87, up by 249.84 points, or 2.53 percent, off an early high of 9,979.21 at the opening.

Turnover totaled NT$ 166.84 billion (US$5.38 billion).

That marks the second time the Taiex has finished above the 10,000 point mark since Oct. 11, when it fell about 660 points and since when it has remained below that level except for Oct. 12 when it staged a technical rebound of about 240 points to close at 10,045.81.

The local stock market is likely to continue rising in the short term on the hope that progress will be made during the 90-day ceasefire in the U.S.-China trade war, Liu Kun-hsi (???), president of MasterLink Securities, said.

U.S. President Donald Trump and Chinese President Xi Jinping (???) agreed on Sunday at a post G-20 summit meeting in Argentina to withhold further tariffs for 90 days to allow negotiations on trade disputes to proceed.

However, the Taiex is likely to be impacted by the Organization of the Petroleum Exporting Countries (OPEC) meeting on Dec. 6, which is expected to announce a production cut, and a U.S. Federal Reserve meeting in the middle of the month that could increase interest rates, Liu said.

Source: Focus Taiwan News Channel