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Taiwan Stock Market Tipped To Open Under Pressure

taiwan-stock-market-tipped-to-open-under-pressure

(RTTNews) – The Taiwan stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had jumped almost 410 points or 3.5 percent. The Taiwan Stock Exchange now sits just above the 12,780-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is mixed to lower, with oil and technology stocks expected to weigh heavily. The European markets were up and the U.S. bourses were down and the Asian markets are likely to follow the latter lead.

The TSE finished modestly lower on Tuesday following losses from the financial shares, technology stocks and cement companies.

For the day, the index sank 113.81 points or 0.88 percent to finish at the daily low of 12,780.19 after peaking at 12,906.01.

Among the actives, Cathay Financial surrendered 1.24 percent, while Mega Financial eased 0.15 percent, First Financial shed 0.68 percent, Taiwan Semiconductor Manufacturing Company skidded 1.49 percent, United Microelectronics Corporation retreated 1.19 percent, Hon Hai Precision dropped 0.87 percent, Largan Precision declined 0.92 percent, Catcher Technology tanked 2.21 percent, MediaTek tumbled 1.84 percent, Asia Cement lost 0.61 percent, Taiwan Cement fell 0.21 percent, Formosa Plastic perked 0.49 percent, Formosa Chemical rose 0.42 percent and CTBC Financial, Fubon Financial and E Sun Financial were unchanged.

The lead from Wall Street is negative as stocks were mixed for most of Tuesday’s trade before sinking firmly into the red going into the close.

The Dow shed 104.53 points or 0.38 percent to finish at 27,686.91, while the NASDAQ tumbled 185.53 points or 1.69 percent to end at 10.782.37 and the S&P 500 fell 26.78 points or 0.80 percent to close at 3,333.69.

The late-day sell-off on Wall Street came as traders continued to cycle out of big-name tech stocks, with the NASDAQ extending the pullback seen over the two previous session – especially tech giants such as Netflix (NFLX), Apple (AAPL), and Facebook (FB).

Some optimism was generated by news that Russia has approved a vaccine for COVID-19, with Russian President Vladimir Putin claiming it works quite effectively – although the speed of the development of the vaccine has raised questions about its safety.

In economic news, the Labor Department said producer prices climbed by more than expected in July.

Crude oil futures ended with a loss Tuesday due to margin pressures following a huge sell-off in gold and silver futures. West Texas Intermediate Crude oil futures for September sank $0.33 or 0.8 percent at $41.61 a barrel after reaching a five-month high of $42.94 earlier in the session.

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