The Taiwan stock market on Monday ended the two-day losing streak in which it had retreated more than 650 points or 2.8 percent. The Taiwan Stock Exchange now rests just above the 23,100-point plateau and it’s got a solid lead again for Tuesday’s trade.
The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European markets were flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The TSE finished sharply higher on Monday with big gains from the financial shares, technology stocks and plastics companies.
For the day, the index surged 594.29 points or 2.64 percent to finish at 23,104.54 after trading between 22,811.56 and 23,132.25.
Among the actives, Cathay Financial rallied 2.53 percent, while Mega Financial perked 0.13 percent, CTBC Financial and Nan Ya Plastics both rose 0.16 percent, First Financial strengthened 1.67 percent, E Sun Financial collected 1.86 percent, Taiwan Semiconductor Manufacturing Company surged 4.35 percent, United Microelectronics Corporation improved 1.30 percent, Hon Hai Precision accelerated 2.49 percent, Largan Precision climbed 1.39 percent, Catcher Technology soared 3.06 percent, MediaTek advanced 1.44 percent, Delta Electronics increased 1.94 percent, Novatek Microelectronics spiked 2.77 percent, Formosa Plastics gained 1.50 percent, Asia Cement slumped 1.21 percent and Fubon Financial was unchanged.
The lead from Wall Street positive as the major averages opened flat on Monday but all eventually tracked higher and ended in the green.
The Dow added 66.69 points or 0.16 percent to finish at 42,906.95, while the NASDAQ spiked 192.29 points or 0.98 percent to close at 19,764.88 and the S&P 600 gained 43.22 points or 0.73 percent to end at 5,974.07.
The advance by the tech-heavy NASDAQ came amid a rally by semiconductor stocks, while significant strength was also visible among computer hardware stocks.
Overall trading activity was subdued, however, as traders seemed reluctant to make more significant moves amid what is likely to be a quiet week due to the Christmas Day holiday on Wednesday.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods slumped more than expected in November. Also, the Conference Board noted an unexpected deterioration by consumer confidence in December.
Oil futures settled lower Monday amid concerns about possible excess supply in the market, while a stronger dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for February dipped $0.26 or 0.3 percent at $69.20 a barrel.
Market Analysis
Taiwan Shares Tipped To Open To The Upside On Tuesday
2024-12-24 00:33:51
