Markets

Taiwan Stock Market Expected To See Renewed Support

(RTTNews) - The Taiwan stock market moved lower again on Monday, one session after it had ended the three-day losing streak in which it had fallen almost 55 points or 0.5 percent. The Taiwan Stock Exchange now sits just beneath the 12,175-point plateau although it's looking at a strong lead for Tuesday's trade.

The global forecast for the Asian markets is upbeat on tech shares, stimulus hopes and optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The TSE finished slightly lower on Monday as the financial shares and technology stocks ended mostly in the red.

For the day, the index dipped 7.02 points or 0.06 percent to finish at 12,174.54 after trading between 12,065.80 and 12,221.33.

Among the actives, Mega Financial gained 0.62 percent, while CTBC Financial and Cathay Financial both fell 0.25 percent, Fubon Financial slid 035 percent, E Sun Financial collected 0.34 percent, Taiwan Semiconductor Manufacturing Company shed 0.27 percent, United Microelectronics Corporation advanced 0.91 percent, Hon Hai Precision skidded 1.36 percent, Largan Precision added 0.38 percent, Catcher Technology lost 0.44 percent, MediaTek dropped 0.99 percent, Asia Cement gained 0.44 percent, Taiwan Cement perked 0.67 percent, Formosa Plastic was down 0.62 percent and First Financial and Formosa Chemical were unchanged.

The lead from Wall Street is generally positive as stocks ended in the green, although the Dow spent much of the day in the red until breaking through late in the day.

The Dow added 8.92 points or 0.03 percent to finish at 26,680.87, while the NASDAQ surged 263.90 points or 2.51 percent to end at 10,767.09 and the S&P 500 gained 27.11 points or 0.84 percent to close at 3,251.84.

The spike by the NASDAQ came as traders got back into big-name tech stocks after the index slumped last week - with support from the likes of Amazon (AMZN), software giant Microsoft (MSFT), Google parent Alphabet (GOOGL) and tech giant Apple (AAPL).

The strength on Wall Street also came following positive results from trials of experimental COVID-19 vaccines by Oxford University and AstraZeneca (AZN) and Pfizer (PFE) and BioNTech (BNTX).

The positive news on the vaccine front came as some states continue to see spikes in coronavirus cases, with Florida reporting 12,523 new cases on Saturday, reflecting the fifth consecutive day the state reported more than new 10,000 infections.

Crude oil prices moved higher on Monday as worries about the energy demand outlook faded slightly on optimism for a potential coronavirus vaccine. West Texas Intermediate Crude oil futures for August ended higher by $0.22 or 0.5 percent at $40.81 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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