Taiwan Shares May Bounce Higher Again On Tuesday
(RTTNews) - The Taiwan stock market on Monday wrote a finish to the four-day winning streak in which it had spiked more than 760 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 23,250-point plateau although it may see renewed support on Tuesday. The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The TSE finished sharply lower on Monday following losses from the technology stocks and a mixed picture from the financial sector. For the day, the index slumped 226.13 points or 0.96 percent to finish at 23,252.14 after trading between 23,163.85 and 23,448.16. Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial fell 0.39 percent, Fubon Financial collected 0.16 percent, E Sun Financial added 0.53 percent, Taiwan Semiconductor Manufacturing Company tumbled 1.78 percent, United Microelectronics Corporation was up 0.12 percent, Hon Hai Precision stumbled 2.25 percent, Largan Precision tanked 2.86 percent, Catcher Technology skidded 1.00 percent, MediaTek surrendered 2.95 percent, Delta Electronics retreated 2.53 percent, Novatek Microelectronics slumped 1.10 percent, Formosa Plastics improved 0.15 percent, Nan Ya Plastics climbed 1.00 percent, Asia Cement sank 2.08 percent and CTBC Financial was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow climbed 167.01 points or 0.38 percent to finish at 44,470.41, while the NASDAQ rallied 190.87 points or 0.98 percent to close at 19,714.27 and the S&P 500 gained 40.45 points or 0.67 percent to end at 6,066.44.
The rebound on Wall Street reflected bargain hunting, as traders picked up stocks at somewhat reduced levels following Friday's sharp pullback.
While Friday's slump partly reflected new tariff threats from President Donald Trump, traders largely shrugged off his latest threat to impose a 25 percent tariff on all steel and aluminum imports into the U.S.
Amid a light day on the U.S. economic front, traders were also looking ahead to the release of several key events in the coming days, especially consumer and producer inflation reports and congressional testimony by Federal Reserve Chair Jerome Powell.
Oil prices climbed higher on Monday amid concerns about possible supply shortage due to the latest sanctions by U.S. on Iran's crude exports. West Texas Intermediate Crude oil futures for March settled higher by $1.32 or about 1.85% at $72.32 a barrel.