Taiwan Stock Market Tipped To Rebound On Tuesday.
(RTTNews) - The Taiwan stock market on Monday wrote a finish to the six-day winning streak in which it had collected more than 210 percent of 2.1 percent. The Taiwan Stock Exchange now rests just above the 10,350-point plateau although it's got a positive lead for Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the ongoing trade war between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply lower on Monday following losses from the financial shares, technology stocks and cement companies.
For the day, the index plunged 183.54 points or 1.74 percent to finish at 10.354.57 after trading between 10,340.15 and 10,453.40.
Among the actives, Cathay Financial shed 0.88 percent, while Mega Financial skidded 1.41 percent, CTBC Financial lost 1.71 percent, Fubon Financial eased 0.23 percent, First Financial dropped 1.17 percent, E Sun Financial fell 0.80 percent, Taiwan Semiconductor Manufacturing Company tumbled 2.17 percent, United Microelectronics Corporation sank 2.62 percent, Hon Hai Precision retreated 1.77 percent, Largan Precision plunged 3.69 percent, Catcher Technology declined 2.74 percent, MediaTek added 0.15 percent, Asia Cement eased 0.59 percent and Taiwan Cement was down 1.31 percent.
The lead from Wall Street is broadly positive as stocks showed a strong move to the upside in early trading on Monday and remained firmly positive throughout the session.
The Dow added 269.93 points or 1.05 percent to 25,898.83, while the NASDAQ gained 101.97 points or 1.32 percent to 7,853.74 and the S&P 500 rose 31.27 points or 1.10 percent to 2,878.38.
The early rebound on Wall Street came as President Donald Trump continued to express optimism about a potential U.S.-China trade deal despite the ever-escalating trade war. Trump told reporters at the G-7 summit in France that top Chinese officials had called asking for the resumption of trade talks.
Trump had again ramped up the trade war after the close of trading last Friday by announcing plans to raise the rate of tariffs previously imposed on Chinese imports.
In economic news, the Commerce Department said that a continued spike in orders for transportation equipment contributed to a bigger than expected jump in durable goods orders in July.
Crude oil futures failed to hold early gains and settled lower on Monday, extending losses to a fourth consecutive session on speculation that oil supply from Iran could rise. West Texas Intermediate crude oil futures for October ended down $0.53 or 1 percent at $53.64 a barrel.