Soft Start Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had gathered more than 50 points or 0.4 percent. The Taiwan Stock Exchange now rests just above the 12,875-point plateau and it may take further damage again on Wednesday.

The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The TSE finished modestly lower on Tuesday following losses from the financial shares and a mixed picture from the technology stocks.

For the day, the index dipped 34.02 points or 0.26 percent to finish at 12,875.01 after trading between 12,821.07 and 12,884.32.

Among the actives, Cathay Financial retreated 0.90 percent, while Mega Financial slid 0.36 percent, CTBC Financial sank 1.09 percent, Fubon Financial lost 0.96 percent, E Sun Financial was down 0.80 percent, Taiwan Semiconductor Manufacturing Company shed 0.67 percent, United Microelectronics Corporation climbed 1.52 percent, Hon Hai Precision fell 0.25 percent, Largan Precision dropped 0.94 percent, Catcher Technology added 0.55 percent, MediaTek jumped 1.63 percent, Formosa Plastic rose 0.12 percent and Asia Cement, Taiwan Cement and First Financial were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.

The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.

The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.

Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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