Tech Shares Likely To Weigh On Taiwan Stock Market
(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, sinking almost 180 points or 1 percent along the way. The Taiwan Stock Exchange now sits just above the 17,660-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets is mixed, with support from oil and financial stocks likely to be undercut by weakness from technology shares. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The TSE finished modestly lower on Tuesday following losses from the financial shares, technology stocks and cement companies.
For the day, the index dropped 137.42 points or 0.77 percent to finish at 17,666.12 after trading between 17,650.07 and 17,797.90.
Among the actives, Cathay Financial fell 0.49 percent, while Mega Financial eased 0.15 percent, CTBC Financial collected 0.41 percent, Fubon Financial dipped 0.13 percent, First Financial slid 0.42 percent, E Sun Financial sank 0.36 percent, Taiwan Semiconductor Manufacturing Company shed 0.49 percent, United Microelectronics Corporation tanked 2.32 percent, Hon Hai Precision lost 0.47 percent, Largan Precision plunged 3.10 percent, Catcher Technology surrendered 2.50 percent, MediaTek tumbled 2.31 percent, Delta Electronics retreated 1.54 percent, Formosa Plastic perked 0.48 percent, Asia Cement declined 1.34 percent and Taiwan Cement was down 0.21 percent.
The lead from Wall Street remains inconsistent as the Dow and S&P spent Tuesday bouncing back and forth across the unchanged line before ending higher. The NASDAQ spent most of the session in the red and finished that way.
The Dow jumped 194.55 points or 0.55 percent to finish at 35,813.80, while the NASDAQ slipped 79.62 points or 0.50 percent to close at 15,775.14 and the S&P 500 rose 7.76 points or 0.17 percent to end at 4,690.70.
The tech-heavy NASDAQ pulled back further off the record intraday high set in early trading on Monday, as a continued increase in treasury yields weighed on high-growth tech stocks.
Yields have moved notably higher since President Joe Biden announced his intention to nominate Jerome Powell for a second term as Fed Chair. With the upward move, the yield on the benchmark ten-year note ended at its highest closing level in a month.
On the other hand, the Dow benefited from strong gains by financial giants Goldman Sachs (GS) and JPMorgan Chase (JPM).
Crude oil futures settled sharply higher on Tuesday, rebounding strongly from earlier losses over the outlook for energy demand due to rising coronavirus cases in Europe, and plans by the U.S. to release oil from the Strategic Petroleum Reserve. West Texas Intermediate Crude oil futures for January still ended higher by $1.75 or 2.3 percent at $78.50 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.