Rally May Stall For Taiwan Stock Market
(RTTNews.com) - The Taiwan stock market has finished higher in four straight sessions, gathering more than 160 points or 1.6 percent along the way. The Taiwan Stock Exchange now rests just shy of the 10,015-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is negative thanks to poor earnings news and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The TSE finished modestly higher on Monday following gains from the financials and cement companies, while the technology stocks were mixed.
For the day, the index advanced 43.72 points or 0.44 percent to finish at 10,013.33 after trading between 9,990.07 and 10,020.60.
Among the actives, Cathay Financial collected 0.69 percent, while Fubon Financial jumped 1.36 percent, CTBC Financial added 0.49 percent, First Financial rose 0.25 percent, Taiwan Semiconductor Manufacturing Company perked 1.33 percent, Largan Precision fell 0.53 percent, Hon Hai Precision was up 0.14 percent, United Microelectronics Corporation lost 0.84 percent, AsusTek Computer dipped 0.22 percent, Taiwan Cement climbed 1.09 percent, Formosa Plastic shed 0.49 percent and Mega Financial, Asia Cement and Formosa Chemical were unchanged.
The lead from Wall Street is soft as stocks opened lower on Monday and stayed that way throughout the session, cutting into recent gains.
The Dow shed 208.98 points or 0.84 percent to 24,528.98, while the NASDAQ lost 79.18 points or 1.11 percent to 7,085.68 and the S&P 500 fell 20.91 points or 0.78 percent to 2,643.85.
The lower open followed weak earnings news from big-name companies such as Caterpillar (CAT) and chip maker Nvidia (NVDA).
Traders may also be reluctant to make big moves ahead of Wednesday's monetary policy decision from the Federal Reserve, although the central bank is widely expected to leave interest rates unchanged after last month's rate hike.
Crude oil prices fell to a two-week low on Monday as global growth worries and recent data showing a jump in U.S. oil rigs count raised concerns about energy demand. Crude oil futures for March ended down $1.70 or 3.2 percent at $51.99 a barrel.
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