logo
Plus   Neg
Share
Email

Mild Upside Tipped For Taiwan Stock Market

The Taiwan stock markets has climbed higher in three straight sessions, advancing more than 200 points or 1.8 percent along the way. The Taiwan Stock Exchange now rests just above the 11,650-point plateau and it may inch higher again on Wednesday.

The global forecast for the Asian markets is mixed to lower, with tech shares offering mild support against pessimism regarding a trade deal between the United States and China - as well as plummeting crude oil prices. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The TSE finished modestly higher on Tuesday following gains from the technology and cement stocks, while the financials came in mixed.

For the day, the index gained 56.62 points or 0.49 percent to finish at the daily high of 11,656.40 after moving as low as 11,576.79.

Among the actives, Cathay Financial dipped 0.12 percent, while Fubon Financial was down 0.11 percent, First Financial collected 0.44 percent, E Sun Financial gained 0.55 percent, Taiwan Semiconductor Manufacturing Company climbed 1.29 percent, United Microelectronics Corporation added 0.34 percent, Hon Hai Precision accelerated 2.54 percent, Largan Precision eased 0.11 percent, Catcher Technology rose 0.18 percent, MediaTek gained 0.36 percent, Asia Cement advanced 0.45 percent and Taiwan Cement, Formosa Plastic, Mega Financial and CTBC Financial were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction Tuesday, bouncing back and forth across the unchanged line before eventually ending the session mixed.

The Dow shed 102.24 points or 0.36 percent to 27,933.98, while the NASDAQ rose 20.72 points or 0.24 percent to 8,570.66 and the S&P 500 fell 1.85 points or 0.06 percent to 3,120.18.

Stocks initially moved to the upside amid recent upward momentum, which has helped propel stocks to record highs amid unshakable optimism about a potential U.S.-China trade deal. Buying interest waned shortly after the start of trading, however, with disappointing results from Home Depot (HD) offsetting the positive sentiment.

In economic news, the Commerce Department noted a substantial rebound in new residential construction and building permits in October.

Crude oil prices plunged sharply on Tuesday amid rising concerns about excess supply in the market and uncertainty about the U.S. and China trade deal. West Texas Intermediate Crude oil futures for December ended down $1.84 or 3.2 percent at $55.21 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>