The Taiwan stock market has finished lower in three straight sessions, retreating more than 400 points or 2.3 percent along the way. The Taiwan Stock Exchange now sits just shy of the 16,900-point plateau and it’s looking at another red light for Tuesday’s trade.
The global forecast for the Asian markets is mixed and flat to lower ahead of the start of earnings season. The European markets were up and the U.S. markets were down and the Asian markets figure to split the difference.
The TSE finished modestly lower on Monday following losses from the financials, plastics and cement companies, while the technology sector was mixed.
For the day, the index lost 105.31 points or 0.62 percent to finish at 16,898.87 after trading between 16,845.51 and 16,999.36.
Among the actives, Cathay Financial slumped 1.88 percent, while Mega Financial tanked 2.22 percent, CTBC Financial tumbled 2.04 percent, Fubon Financial surrendered 1.60 percent, First Financial plunged 2.11 percent, E Sun Financial plummeted 3.30 percent, Taiwan Semiconductor Manufacturing Company eased 0.18 percent, United Microelectronics Corporation stumbled 1.81 percent, Hon Hai Precision shed 0.49 percent, Largan Precision added 0.31 percent, Catcher Technology skidded 1.02 percent, MediaTek rose 0.12 percent, Delta Electronics dropped 0.80 percent, Novatek Microelectronics jumped 1.37 percent, Formosa Plastic fell 0.48 percent, Nan Ya Plastics weakened 1.13 percent, Asia Cement lost 0.75 percent and Taiwan Cement retreated 1.27 percent.
The lead from Wall Street ends up slightly soft as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally finishing barely in the red.
The Dow shed 39.54 points or 0.11 percent to finish at 34.411.69, while the NASDAQ dipped 18.72 points or 0.14 percent to close at 13,332.36 and the S&P 500 fell 0.90 points or 0.02 percent to end at 4,391.69.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news this week.
In economic news, the National Association of Home Builders reported continued deterioration in U.S. homebuilder confidence in April.
Crude oil futures settled at a three-week high on Monday as prices rebounded amid concerns about tight supply due to the ongoing Russian invasion of Ukraine and news about the shutdown of Libya’s biggest oil field. West Texas Intermediate Crude oil futures for May ended higher by $1.26 or 1.2 percent at $108.21 a barrel.
Market Analysis
Continued Consolidation Anticipated For Taiwan Stock Market
2022-04-19 00:00:16
