logo
Plus   Neg
Share
Email

Additional Support Anticipated For Taiwan Stock Market

The Taiwan stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day slide in which it had stumbled more than 150 points or 1.1 percent. The Taiwan Stock Exchange now rests just above the 12,785-point plateau and it's tipped to extend its gains on Tuesday.

The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

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

For the day, the index advanced 111.87 points or 0.88 percent to finish at 12,787.82 after trading between 12,680.41 and 12,793.07.

Among the actives, Cathay Financial collected 0.50 percent, while CTBC Financial fell 0.27 percent, Fubon Financial added 0.46 percent, E Sun Financial shed 0.37 percent, Taiwan Semiconductor Manufacturing Company climbed 1.03 percent, United Microelectronics Corporation soared 3.91 percent, Hon Hai Precision jumped 1.15 percent, Largan Precision surged 4.43 percent, Catcher Technology advanced 0.80 percent, MediaTek rallied 2.35 percent, Formosa Plastic rose 0.25 percent, Asia Cement gathered 1.66 percent, Taiwan Cement perked 1.54 percent and Mega Financial and First Financial were unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.

The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.

The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.

Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT