The Taiwan stock market stock market has tracked higher in two straight sessions, gathering almost 500 points or 2.8 percent along the way. The Taiwan Stock Exchange now sits just above the 17,570-point plateau and it’s got a green light again for Tuesday’s trade.
The global forecast for the Asian markets is mostly positive on optimism for earnings – especially tech shares – although coronavirus concerns in India may cap the upside. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow suit.
The TSE finished sharply higher on Monday following gains from the financial shares and cement companies, while the technology stocks were mixed.
For the day, the index jumped 271.99 points or 1.57 percent to finish at the daily high of 17,572.29 after moving as low as 17,378.36.
Among the actives, Cathay Financial spiked 2.36 percent, while Mega Financial advanced 1.09 percent, CTBC Financial gathered 1.32 percent, Fubon Financial soared 4.57 percent, First Financial perked 1.10 percent, E Sun Financial collected 0.75 percent, Taiwan Semiconductor Manufacturing Company climbed 1.33 percent, United Microelectronics Corporation skyrocketed 8.42 percent, Hon Hai Precision skidded 1.26 percent, Largan Precision rallied 2.42 percent, Catcher Technology shed 0.50 percent, MediaTek spiked 3.38 percent, Formosa Plastic added 0.47 percent, Asia Cement improved 1.20 percent and Taiwan Cement rose 0.19 percent.
The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday although the Dow was unable to hold its gains at the end of the day.
The Dow slipped 61.92 points or 0.18 percent to finish at 33,981.57, while the NASDAQ jumped 121.97 points or 0.87 percent to end at 14,138.78 and the S&P 500 rose 7.45 points or 0.18 percent to close at 4,187.62.
Tech stocks led the markets higher amid optimism ahead of the release of quarterly results from a number of big-name companies later this week.
Buying interest was subdued, however, as traders looked ahead to the Federal Reserve’s monetary policy announcement on Wednesday. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased by less than expected in March.
Crude oil prices drifted lower on Monday amid continues worries about the outlook for energy demand due to rising coronavirus cases in India. West Texas Intermediate Crude oil futures for June ended lower by $0.23 or 0.4 percent at $61.91 a barrel.
Market Analysis
Taiwan Stock Market May Extend Winning Streak
2021-04-27 00:30:11
