The rally could stagnate for the Taiwan stock market

(RTTNews) – Taiwan’s stock market has risen in consecutive sessions, harvesting nearly 300 points or 1.9% along the way. The Taiwan Stock Exchange now sits just above the 15,900 plateau, though investors expect to lock in gains on Tuesday.

The global outlook for Asian markets is mixed, with support for energy stocks likely limited by weakness in technology companies. European and US markets were mixed and Asian markets should follow.

The TSE ended slightly higher on Monday after gains in technology stocks and weakness in financials.

For the day, the index added 68.50 points or 0.43% to end at 15,901.04 after trading between 15,847.46 and 16,032.85.

Among assets, Cathay Financial fell 2.03%, while Mega Financial fell 0.14%, CTBC Financial fell 0.39%, Fubon Financial fell 1.73%, First Financial collected 0.39%, E Sun Financial slipped 1.19%, Taiwan Semiconductor Manufacturing Company jumped 1.76%. United Microelectronics Corporation climbed 1.23%, Hon Hai Precision gained 0.48%, Largan Precision fell 1.55%, Catcher Technology climbed 3.65%, MediaTek fell 2.14%, Delta Electronics rose 0.90%, Novatek Microelectronics fell 1.88%, Nan Ya Plastics fell 0.98%. Asia Cement lost 0.22%, Taiwan Cement fell 0.84% ​​and Formosa Plastic was unchanged.

Wall Street’s advance is inconsistent as major averages opened lower on Monday but saw the weather on both sides of the line unchanged, ultimately ending mixed.

The Dow Jones rose 26.76 points or 0.08% to end at 32,223.42, while the NASDAQ fell 142.21 points or 1.20% to end at 11,662.79 and the S&P 500 fell 15.88 points or 0.39% to close at 4,008.01.

Disappointing economic data from the US, Europe and China weighed on sentiment, keeping investors largely cautious.

A downward revision to EU growth forecasts by the European Commission, as did data showing that wholesale price inflation in Germany has hit an all-time high.

In US economic news, the Federal Reserve Bank of New York said manufacturing activity contracted unexpectedly in May.

Crude oil futures shrugged off initial weakness and stabilized sharply higher on Monday, supported by rising gasoline prices after inventories fell. West Texas Intermediate crude oil futures for June ended up $3.71 or 3.4% at $114.20 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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