Markets

Taiwan Stock Market Due For Consolidation On Tuesday

(RTTNews) - The Taiwan stock market has climbed higher in three straight sessions, advancing more than 440 points or 2.8 percent along the way. The Taiwan Stock Exchange now sits just above the 16,475-point plateau although it figures to see profit taking on Tuesday.

The global forecast for the Asian markets is mixed to lower, with rising bond yields offset by rising crude oil prices. The European and U.S. markets were mixed and the Asian markets are expected to follow suit.

The TSE finished sharply higher on Monday following gains from the financial shares and cement stocks, while the technology companies were mixed.

For the day, the index jumped 170.09 points or 1.04 percent to finish at 16,475.97 after trading between 16,411.67 and 16,520.89.

Among the actives, Cathay Financial advanced 0.84 percent, while Mega Financial collected 0.63 percent, CTBC Financial added 0.46 percent, Fubon Financial gained 0.72 percent, First Financial improved 0.68 percent, Taiwan Semiconductor Manufacturing Company climbed 1.53 percent, United Microelectronics Corporation dropped 0.80 percent, Hon Hai Precision jumped 1.58 percent, Largan Precision shed 0.61 percent, Catcher Technology spiked 1.72 percent, MediaTek fell 0.21 percent, Formosa Plastic was up 0.50 percent, Asia Cement rose 0.65 percent, Taiwan Cement increased 0.76 percent and E Sun Financial was unchanged.

The lead from Wall Street is uninspired as the major averages opened lower on Monday and largely stayed that way, with only the Dow peeking into positive territory at the close.

The Dow added 98.49 points or 0.30 percent to finish at 33,171.37, while the NASDAQ sank 79.08 points or 0.60 percent to end at 13,059.65 and the S&P 500 eased 3.45 points or 0.09 percent to close at 3,971.09.

The soft start on Monday came amid profit taking after the Dow and the S&P 500 ended the previous session at new record closing highs.

Adding to the pessimism, the yield on U.S. 10-year Treasury Note rose to over 1.70 percent, again fueling inflation concerns.

Overall trading activity was somewhat subdued ahead of the release of the Labor Department's monthly jobs report on Friday.

Crude oil futures settled higher on Monday amid concerns about possible supply disruptions - but news about freeing the container ship that had blocked the Suez canal helped limit oil's upside. West Texas Intermediate Crude oil futures for May ended higher by $0.59 or 1 percent at $61.56 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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