Taiwan Stock Exchange expected profit taking


(RTTNews) – Taiwan’s stock market has risen in seven consecutive sessions, reaching more than 1,150 points or 6% during that period. The Taiwan Stock Exchange is now just above the 17,490 point plateau, although it should finally run out of steam on Wednesday.

Global forecasts for Asian markets suggest a slight consolidation on lower crude oil prices and ahead of key US employment data later in the week. European and US markets were down slightly and Asian stock exchanges are expected to open similarly.

The TSE ended slightly higher on Tuesday following gains in financial stocks and cement stocks, while tech stocks were mixed and volatile.

For the day, the index rose 93.77 points or 0.54% to end at a daily high of 17,490.29 after falling to 17,207.57.

Among assets, Cathay Financial rose 0.17%, while Mega Financial rose 1.08%, Fubon Financial rose 0.24%, First Financial and CTBC Financial both raised 0.44%, E Sun Financial fell 2.35%, Taiwan Semiconductor Manufacturing Company rose 1.49%, United Microelectronics Corporation rose 0.48%, Hon Hai Precision jumped 1.83%, Largan Precision rose 2.88%, Catcher Technology climbed 7.19%, MediaTek slipped 1.21%, Delta Electronics plunged 3.22%, Asia Cement gained 0.45%, Taiwan Cement gained 1, 79% and Formosa Plastic was unchanged.

Wall Street’s lead ends up weak as major averages rebounded on Tuesday on the unchanged line before finally settling in with slight losses.

The Dow lost 39.11 points or 0.11% to close at 35,360.73, while the NASDAQ fell 6.65 points or 0.04% to close at 15,259.24 and the S&P 500 lost 6.11 points or 0.13% to finish at 4,522.68.

Profit-taking contributed to Wall Street’s early weakness after the S&P 500 and NASDAQ ended Monday’s trading at new record closing highs.

Traders may also be reluctant to take significant action before the closely-watched Labor Department’s monthly employment report was released on Friday.

On the economic news side, the Conference Board reported a substantial deterioration in US consumer confidence in August.

Crude oil futures slid on Tuesday amid concerns about the likely oversupply in the market with OPEC and its allies poised to increase production, as well as the restoration of crude production in the United States after Hurricane Ida. West Texas Intermediate crude oil futures for October fell $ 0.71 or 1% to $ 68.50 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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