Lower Open Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Tuesday ended the two-day slide in which it had stumbled almost 600 points or 2.8 percent. The Taiwan Stock Exchange now sits just above the 22,875-point plateau although it may head south again on Wednesday.

The global forecast for the Asian markets is a mixed bag, with weakness among the financials and oil companies likely countered by support from the technology shares. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished modestly higher on Tuesday as gains from the financials and technology stocks were capped by weakness from the plastics companies.

For the day, the index gained 62.27 points or 0.27 percent to finish at the daily high of 22,875.97 after moving as low as 22,503.00.

Among the actives, Cathay Financial rose 0.33 percent, while Mega Financial collected 0.74 percent, CTBC Financial shed 0.65 percent, First Financial perked 0.18 percent, Fubon Financial added 0.51 percent, E Sun Financial gathered 0.34 percent, Taiwan Semiconductor Manufacturing Company improved 0.63 percent, United Microelectronics Corporation sank 0.70 percent, Hon Hai Precision soared 2.43 percent, Largan Precision surged 4.41 percent, Catcher Technology retreated 1.52 percent, MediaTek tumbled 1.77 percent, Delta Electronics spiked 2.79 percent, Novatek Microelectronics slumped 2.11 percent, Formosa Plastics tanked 1.85 percent, Nan Ya Plastics dipped 0.20 percent, Asia Cement plunged 2.79 percent and China Steel eased 0.11 percent.

The lead from Wall Street remains divergent as the major averages opened mixed and finished the same way.

The Dow tumbled 299.05 points or 0.76 percent to finish at 39,112.16, while the NASDAQ rallied 220.84 points or 1.26 percent to close at 17,717.65 and the S&P 500 gained 21.43 points or 0.39 percent to end at 5,469.30.

The session-long strength in the tech-heavy NASDAQ was fueled by a rebound of Nvidia stocks after recent losses. Meta Platforms, Alphabet, Apple Inc., Eli Lilly, Micron Technology also posted strong gains.

Boeing, Nike, Goldman Sachs, IBM, Pfizer, McDonalds Corporation, Wells Fargo, Bank of America, Home Depot and Johnson & Johnson declined sharply, weighing on the Dow.

In economic news, the Chicago Fed National Activity Index, which measures overall economic activity and inflationary pressure, rose in May for the first time in three months. Also, the Conference Board said consumer confidence in the U.S. eased slightly in June.

Oil prices fell on Tuesday as traders booked some profits ahead of crucial U.S. inflation data due later in the week. West Texas Intermediate Crude oil futures for August ended down by $0.80 or nearly 1 percent at $80.83 a barrel.