The Taiwan stock market has moved higher in back-to-back sessions, gathering almost 300 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just above the 15,900-point plateau although investors figure to lock in gains on Tuesday.
The global forecast for the Asian markets is mixed, with support from energy stocks likely limited by weakness from technology companies. The European and U.S. markets were mixed and the Asian markets figure to follow suit.
The TSE finished modestly higher on Monday following gains from the technology stocks and weakness from the financials.
For the day, the index added 68.50 points or 0.43 percent to finish at 15,901.04 after trading between 15,847.46 and 16,032.85.
Among the actives, Cathay Financial slumped 2.03 percent, while Mega Financial dipped 0.14 percent, CTBC Financial fell 0.39 percent, Fubon Financial stumbled 1.73 percent, First Financial collected 0.39 percent, E Sun Financial skidded 1.19 percent, Taiwan Semiconductor Manufacturing Company jumped 1.76 percent, United Microelectronics Corporation climbed 1.23 percent, Hon Hai Precision added 0.48 percent, Largan Precision declined 1.55 percent, Catcher Technology soared 3.65 percent, MediaTek tanked 2.14 percent, Delta Electronics advanced 0.90 percent, Novatek Microelectronics tumbled 1.88 percent, Nan Ya Plastics dropped 0.98 percent, Asia Cement eased 0.22 percent, Taiwan Cement sank 0.84 percent and Formosa Plastic was unchanged.
The lead from Wall Street is inconsistent as the major averages opened lower on Monday but saw time on both sides of the unchanged line, eventually ending mixed.
The Dow rose 26.76 points or 0.08 percent to finish at 32,223.42, while the NASDAQ plummeted 142.21 points or 1.20 percent to end at 11,662.79 and the S&P 500 sank 15.88 points or 0.39 percent to close at 4,008.01.
Disappointing economic data from the U.S., Europe and China weighed on sentiment, prompting investors to largely stay cautious.
A downward revision in EU growth forecast by the European Commission, as did data showing German wholesale price inflation hitting a record high.
In U.S. economic news, the Federal Reserve Bank of New York said manufacturing activity unexpectedly contracted in May.
Crude oil futures shrugged off early weakness and settled sharply higher on Monday, buoyed by rising gasoline prices after a drop in stockpiles. West Texas Intermediate Crude oil futures for June ended higher by $3.71 or 3.4 percent at $114.20 a barrel.
Market Analysis
Rally May Stall For Taiwan Stock Market
2022-05-17 00:32:29
