The Taiwan stock market has finished higher in two straight sessions, gathering almost 190 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just beneath the 17,850-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets is soft, with inflation concerns offset by support from crude oil. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The TSE finished modestly higher on Tuesday as gains from the financial shares and technology stocks were capped by weakness from the cement companies.
For the day, the index collected 33.19 points or 0.19 percent to finish at 17,847.52 after trading between 17,786.76 and 18,018.04.
Among the actives, Cathay Financial collected 0.72 percent, while Mega Financial rose 0.46 percent, CTBC Financial perked 0.22 percent, Fubon Financial was up 0.13 percent, First Financial gained 0.44 percent, Taiwan Semiconductor Manufacturing Company rallied 2.36 percent, United Microelectronics Corporation climbed 1.32 percent, Hon Hai Precision advanced 1.30 percent, Largan Precision added 0.51 percent, Catcher Technology gathered 1.11 percent, MediaTek dropped 0.96 percent, Delta Electronics soared 2.50 percent, Asia Cement dipped 0.19 percent, Taiwan Cement shed 0.57 percent and E Sun Financial and Formosa Plastic were unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday and then bounced back and forth across the unchanged line before ending in the red.
The Dow dropped 107.39 points or 0.31 percent to finish at 34,888.79, while the NASDAQ sank 55.59 points or 0.38 percent to end at 14,677.65 and the S&P 500 fell 15.42 points or 0.35 percent to close at 4,369.21.
Stocks moved lower in afternoon trading as treasury yields rose after the Treasury Department revealed this month’s auction of $24 billion worth of thirty-year bonds.
The lower close on Wall Street also came after the Labor Department released a report showing consumer prices in the U.S. saw the biggest monthly increase in thirteen years in June.
On the earnings front, financial giants JPMorgan Chase (JPM) and Goldman Sachs (GS) both saw quarterly results that beat estimates, while snack and beverage giant PepsiCo (PEP) also reported better than expected second quarter results.
Crude oil prices rose sharply on Tuesday amid expectations crude stockpiles may have dropped last week. West Texas Intermediate Crude oil futures for August ended up $1.15 or 1.6 percent at $75.25 a barrel.
Market Analysis
Taiwan Stock Market May Be Stuck In Neutral On Wednesday
2021-07-14 00:30:16
