Taiwan’s stock market may find traction on Tuesday
(RTTNews) – Taiwan’s stock market ended lower in three consecutive sessions, losing more than 210 points or 1.2% over the period. The Taiwan Stock Exchange is now just above the plateau of 17,520 points, although it should stop the bleeding on Tuesday.
Global forecasts for Asian markets are cautiously optimistic, with tech stocks expected to lead the way higher. European markets were mixed and US stock markets were up and Asian markets figured to share the difference.
The TSE ended slightly lower on Monday after losses in plastics and mixed performance in financials and technology stocks. For the day, the index fell 156.94 points or 0.89% to end at 17,520.01 after trading between 17,368.66 and 17,527.15. Among assets, Cathay Financial fell 0.31%, while Mega Financial collected 0.47%, Fubon Financial rose 0.13%, First Financial rose 0.18%, E Sun Financial gained 0.94%, Taiwan Semiconductor Manufacturing Company fell 2.34%, United Microelectronics Corporation added 0.56%. , Largan Precision plunged 3.31%, Catcher Technology slipped 1.02%, MediaTek sank 0.72%, Delta Electronics fell 1.12%, Formosa Plastic sank 0.94%, Nan Ya Plastics slid 0.22%, Asia Cement slid 0.31% and Taiwan Cement, Hon Hai Precision and CTBC Financial were unchanged.
Wall Street’s advance is positive as major averages shrugged off early sluggishness and gained momentum later in the day, ending near session highs.
The Dow Jones advanced 94.65 points or 0.27% to end at 34,955.89, while the NASDAQ jumped 185.60 points or 1.31% to close at 14,354.90 and the S&P 500 gained 32.46 points or 0.71% to finish at 4,575.52.
Wall Street’s late rally was fueled largely by tech stocks, despite growing prospects of aggressive monetary tightening by the Federal Reserve to contain inflation.
In geopolitical news, Russia and Ukraine are expected to resume diplomatic talks later today in Turkey. Russia has reportedly signaled that it may scale back its war and aims to focus on eastern Ukraine.
Crude oil prices fell on Monday amid worries about the outlook for energy demand from the world’s biggest oil importer after Shanghai announced new shutdowns to curb the spread of Covid-19 infections in the country. . West Texas Intermediate crude oil futures for May ended down $7.94 or 7% at $105.96 a barrel.
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