Nasdaq Today – Win Streak Predicted To End For Taiwan Stock Market
(RTTNews) – The Taiwan stock market has climbed higher in five straight sessions, advancing more than 490 points or 2.9 percent along the way. The Taiwan Stock Exchange now sits just above the 17,320-point plateau although investors are expected to cash in on Wednesday.
The global forecast for the Asian markets is negative on rising coronavirus cases and the possibility of subsequent lockdown measures. The European and U.S. markets finished in the red and the Asian bourses are expected to follow suit.
The TSE finished modestly higher on Tuesday following gains from the cement stocks and mixed performances from the financials and technology companies.
For the day, the index gained 60.59 points or 0.35 percent to finish at the daily high of 17,323.87 after trading as low as 17,175.02.
Among the actives, Cathay Financial shed 0.39 percent, while Mega Financial collected 0.31 percent, CTBC Financial rose 0.44 percent, First Financial slid 0.43 percent, E Sun Financial dipped 0.18 percent, Taiwan Semiconductor Manufacturing Company eased 0.17 percent, United Microelectronics Corporation dropped 0.92 percent, Hon Hai Precision added 0.41 percent, Largan Precision gained 0.65 percent, MediaTek soared 3.63 percent, Formosa Plastic tumbled 1.79 percent, Asia Cement jumped 1.40 percent, Taiwan Cement surged 3.17 percent and Catcher Technology and Fubon Financial were unchanged.
The lead from Wall Street is soft as the major averages opened in the red and stayed that way, extending losses from the previous session.
The Dow tumbled 256.33 points or 0.75 percent to finish at 33,821.30, while the NASDAQ sank 128.50 points or 0.92 percent to end at 13,786.27 and the S&P 500 fell 28.32 points or 0.68 percent to close at 4,134.94.
The weakness on Wall Street came as traders continued to cash in on the recent strength in the markets after the Dow and the S&P 500 ended last week at new record closing highs.
A new wave of coronavirus infections overseas also weighed on the markets amid concerns about new restrictions and the impact on the global economy.
Crude oil prices slipped on Tuesday amid rising concerns about the outlook for energy demand due to surging coronavirus infections in India. West Texas Intermediate Crude oil futures May ended down $0.94 or 1.5 percent at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2 percent at $62.67 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.