Markets

Taiwan Stock Market Inherits Firm Lead For Wednesday

(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the two-day slide in which it had dropped more than 200 points or 1.6 percent. The Taiwan Stock Exchange now sits just above the 12,700-point plateau and it's looking at another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat on rising oil prices and hopes for stimulus in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished sharply higher on Tuesday following gains from the financial shares, technology stocks and cement companies.

For the day, the index spiked 196.89 points or 1.57 percent to finish at the daily high of 12,709.92 after trading as low as 12,577.88.

Among the actives, Cathay Financial jumped 1.40 percent, while Mega Financial collected 0.47 percent, CTBC Financial gained 0.26 percent, Fubon Financial was up 0.12 percent, First Financial added 0.43 percent, E Sun Financial advanced 1.12 percent, Taiwan Semiconductor Manufacturing Company spiked 2.28 percent, United Microelectronics Corporation accelerated 3.15 percent, Catcher Technology and Hon Hai Precision both climbed 1.30 percent, Largan Precision rose 0.39 percent, MediaTek surged 5.17 percent, Asia Cement rallied 1.13 percent and Taiwan Cement was up 1.00 percent.

The lead from Wall Street is positive as stocks showed a lack of direction Tuesday but managed to end the day mostly higher following a late move to the upside.

The Dow added 164.07 points or 0.62 percent to finish at 26,828.47, while the NASDAQ gained 38.37 points or 0.35 percent to end at 10,941.17 and the S&P 500 rose 11.90 points or 0.36 percent to close at 3,306.51.

The late-day strength on Wall Street reflected a positive reaction to comments from Senate Majority Leader Mitch McConnell, R-Ken.

McConnell told reports he is prepared to support a coronavirus relief bill agreement between Democrats and the White House even is he has some problems with certain parts of it.

The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep it at $600 per week.

In economic news, the Commerce Department noted another substantial increase in new orders for manufactured goods in June.

Crude oil futures settled notably higher Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles. West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or 1.7 percent for the session.

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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