Taiwan Shares Predicted To Open In The Green
(RTTNews) - The Taiwan stock market on Monday wrote a finish to the two-day losing streak in which it had stumbled almost 170 points or 1.4 percent. The Taiwan Stock Exchange now sits just beneath the 12,590-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.
The TSE finished sharply higher on Monday following huge gains from the technology stocks, although the financial shares were soft.
For the day, the index surged 284.26 points or 2.31 percent to finish at 12,588.30 after trading between 12,586.91 and 12,686.36.
Among the actives, Cathay Financial dropped 0.87 percent, while Mega Financial retreated 1.71 percent, CTBC Financial sank 0.77 percent, Fubon Financial shed 0.48 percent, First Financial declined 1.08 percent, Taiwan Semiconductor Manufacturing Company skyrocketed 9.97 percent, United Microelectronics Corporation surged 9.87 percent, Hon Hai Precision plunged 2.50 percent, Largan Precision rose 0.39 percent, Catcher Technology skidded 1.63 percent, MediaTek soared 7.85 percent, Asia Cement plummeted 2.75 percent, Taiwan Cement lost 0.89 percent, Formosa Plastic tanked 2.01 percent and E Sun Financial was unchanged.
The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.
The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.
The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.
In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.
Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 a barrel.