Higher Open Predicted For Taiwan Stock Market
(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the two-day winning streak in which it had advanced more than 115 points or 0.6 percent. The Taiwan Stock Exchange now rests just above the 17,400-point plateau and now it's looking at a steady start on Tuesday. The global forecast for the Asian markets is murky, with little movement expected among ongoing Covid-19 concerns. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The TSE finished modestly lower on Monday following losses from the financial shares and technology stocks.
For the day, the index tumbled 169.36 points or 0.96 percent to finish at the daily low of 17,403.56 after peaking at 17,637.36. Among the actives, Cathay Financial tumbled 2.77 percent, while Mega Financial fell 0.30 percent, CTBC Financial lost 0.43 percent, Fubon Financial plunged 4.27 percent, First Financial shed 0.65 percent, Taiwan Semiconductor Manufacturing Company dropped 0.85 percent, United Microelectronics Corporation jumped 1.90 percent, Hon Hai Precision slid 0.45 percent, Largan Precision skidded 0.99 percent, MediaTek retreated 1.07 percent, Formosa Plastic tanked 2.07 percent, Asia Cement gained 0.57 percent, Taiwan Cement rose 0.38 percent and Catcher Technology was unchanged.
The lead from Wall Street suggests mild upside as the major averages shook off a soft open on Monday, climbing gradually throughout the day to finish at fresh record closing highs.
The Dow gained 82.76 points or 0.24 percent to finish at 35,144.31, while the NASDAQ rose 3.72 points or 0.03 percent to end at 16,565.31 and the S&P 500 added 10.51 points or 0.24 percent to close at 4,422.30.
The choppy trading on Wall Street came as upbeat earnings news warred with concerns about the spread of new coronavirus variants.
Traders may also have been reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is expected to leave interest rates unchanged, but traders will pay close attention to any comments regarding its asset purchase program.
In economic news, the Commerce Department showed another steep drop in new home sales in June.
Crude oil futures settled lower Monday amid worries about the outlook for energy demand due to the rapidly spreading delta variant of the coronavirus in several countries around the world. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $71.91 a barrel after four straight days of gains.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.