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Taiwan Bourse May Spin Its Wheels On Tuesday

The Taiwan stock market has jumped higher in three consecutive trading days, gathering more than 260 points or 2.4 percent along the way. The Taiwan Stock Exchange now rests just above the 11,000-point plateau although it may run out of steam on Tuesday.

The global forecast for the Asian markets is mixed to lower after solid gains a day earlier, while sliding oil prices also may weigh. The European and U.S. markets were mixed but little changed and the Asian bourses figure to follow that lead.

The TSE finished sharply higher on Monday following gains from the financial shares, technology stocks and steel producers.

For the day, the index soared 137.28 points or 1.26 percent to finish at 11,002.10 after trading between 10,908,99 and 11,016.56 on turnover of 139.84 billion Taiwan dollars.

Among the actives, Cathay Financial surged 4.81 percent, while Mega Financial collected 2.00 percent, Fubon Financial advanced 2.57 percent, Taiwan Semiconductor Manufacturing Company jumped 1.40 percent, AU Optronics shed 0.37 percent, Hon Hai Precision spiked 2.61 percent, United Microelectronics Corporation added 0.99 percent, Largan Precision soared 2.46 percent, China Steel gained 0.42 percent and Taiwan Steel Union fell 0.40 percent.

The lead from Wall Street is inconclusive as stocks failed to sustain an early upward move Monday before finishing mixed after Friday's surge.

The Dow shed 157.13 points or 0.62 percent to 25,178.61, while the NASDAQ added 27.51 points or 0.36 percent to 7,588.32 and the S&P fell 3.55 points or 0.13 percent to 2,783.02.

The initial strength came as traders continued to react positively to Friday's monthly jobs data from the Labor Department - although traders seemed reluctant to push stocks higher amid a lack of major U.S. economic data.

Notable declines by Boeing (BA) and Caterpillar (CAT) weighed on the Dow amid concerns about the impact of President Donald Trump's recently imposed tariffs on steel and aluminum imports.

Crude oil prices fell Monday ahead of closely watched U.S. inflation data that may set the stage for interest rate hikes. April WTI oil lost 68 cents or 1.1 percent to settle at $61.36/bbl.

by RTT Staff Writer

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