logo
Plus   Neg
Share
Email

Rally May Stall For Taiwan Stock Market

The Taiwan stock market has finished higher in back-to-back sessions, collecting almost 60 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just above the 10,935-point plateau although it may run out of steam on Tuesday.

The global forecast for the Asian markets is mixed to lower, thanks to ongoing concerns regarding the trade spat between the United States and China. The European markets were up and the U.S. bourses were down and the Asian markets are expected to follow the latter lead.

The TSE finished modestly higher on Monday following gains from the cement companies and mixed performances from the financial shares and technology stocks.

For the day, the index gained 40.58 points or 0.37 percent to finish at 10,935.06 after trading between 10,919.43 and 10,954.45.

Among the actives, Cathay Financial sank 0.49 percent, while Mega Financial collected 0.35 percent, CTBC Financial slid 0.24 percent, First Financial gave away 0.45 percent, E Sun Financial rose 0.38 percent, Taiwan Semiconductor Manufacturing Company added 0.54 percent, United Microelectronics Corporation shed 0.74 percent, Hon Hai Precision advanced 0.96 percent, Largan Precision dipped 0.22 percent, Catcher Technology surged 6.48 percent, MediaTek lost 0.39 percent, Asia Cement gained 0.83 percent, Taiwan Cement climbed 1.03 percent, Formosa Plastic perked 0.83 percent and Fubon Financial was unchanged.

The lead from Wall Street is soft as stocks showed a lack or direction on Monday, bouncing back and forth across the unchanged line before finishing in the red.

The Dow shed 95.70 points or 0.36 percent to 26,478.02, while the NASDAQ lost 26.18 points or 0.33 percent to 7,956.29 and the S&P 500 fell 13.22 points or 0.45 percent to 2,938.79.

The choppy trading on Wall Street came as traders seemed reluctant to make large moves ahead of Thursday's high-level trade talks in Washington. Chinese officials are signaling they're increasingly reluctant to agree to the broad trade deal being pursued by President Donald Trump.

The negotiations come as the trade war continues to hang over the economy, with a survey by the National Association for Business Economics showing 53 percent of economists see trade policy as the key downside risk to the economy.

Crude oil futures failed to hold early gains and ended slightly weak on Monday, despite data that showed a drop in OPEC output in September. West Texas Intermediate Crude oil futures for November ended down $0.06 at $52.75 a barrel after peaking at $54.06 earlier in the day.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>