Markets

Taiwan Stock Market Draws Firm Lead For Tuesday's Trade

(RTTNews) - The Taiwan stock market has finished lower in back-to-back sessions, tumbling more than 200 points or 1.6 percent along the way. The Taiwan Stock Exchange now sits just above the 12,510-point plateau although it may halt its slide on Tuesday.

The global forecast for the Asian markets is broadly positive on strong economic data and continued support from technology stocks. The European and U.S. markets were firmly in the green and the Asian bourses are tipped to open in similar fashion.

The TSE finished sharply lower on Monday following losses from the financial shares and technology stocks.

For the day, the index sank 151.77 points or 1.20 percent to finish at 12,513.03 after trading between 12,506.59 and 12,673.02.

Among the actives, Cathay Financial sank 0.88 percent, while Mega Financial fell 0.77 percent, CTBC Financial dipped 0.52 percent, Fubon Financial skidded 1.20 percent, First Financial dropped 1.06 percent, E Sun Financial retreated 1.11 percent, Taiwan Semiconductor Manufacturing Company tanked 2.23 percent, United Microelectronics Corporation surged 6.49 percent, Hon Hai Precision tumbled 1.66 percent, Largan Precision lost 0.65 percent, Catcher Technology added 0.23 percent, MediaTek shed 0.71 percent, Asia Cement rose 0.13 percent, Taiwan Cement eased 0.11 percent and Formosa Plastic surrendered 1.40 percent.

The lead from Wall Street is solid as stocks moved mostly higher on Monday, with the tech-heavy NASDAQ hitting a fresh record closing high.

The Dow jumped 236.08 points or 0.89 percent to finish at 26,664.40, while the NASDAQ spiked 157.52 points or 1.47 percent to end at 10,902.80 and the S&P 500 rose 23.49 points or 0.72 percent to close at 3,294.61.

Technology stocks saw continued strength on the day after moving sharply higher last Friday on largely upbeat earnings news - particularly Microsoft (MSFT) and Apple (AAPL).

Adding to the positive sentiment, the Institute for Supply Management reported a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in July - which came on the heels of upbeat readings on manufacturing in China and Europe.

Crude oil prices moved higher on Monday as encouraging economic data from the U.S., the Eurozone and China helped ease concerns about energy demand. West Texas Intermediate Crude oil futures for September settled at $41.01 a barrel, gaining $0.74 or 1.8 percent.

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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