April 16, 2024

News and Political Commentary

Taiwan Stock Market Tipped To Open In The Green

2 min read

The Taiwan stock market bounced higher again on Monday, one session after snapping the six-day winning streak in which it had surged more than 825 points or 4.7 percent. The Taiwan Stock Exchange now sits just beneath the 18,120-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on easing treasury yields and ahead of the Federal Reserve’s policy meeting later this week. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished modestly higher on Monday as gains from the technology, plastic and steel stocks were capped by weakness from the cement companies and a mixed picture from the financial sector.

For the day, the index advanced 124.60 points or 0.69 percent to finish at the daily high of 18,119.63 after trading as low as 17,995.11.

Among the actives, Cathay Financial dipped 0.22 percent, while First Financial eased 0.19 percent, E Sun Financial collected 0.60 percent, Taiwan Semiconductor Manufacturing Company added 0.62 percent, United Microelectronics Corporation sank 0.70 percent, Largan Precision jumped 1.81 percent, Catcher Technology gained 0.51 percent, MediaTek perked 0.21 percent, Delta Electronics spiked 1.91 percent, Formosa Plastics rallied 1.24 percent, Nan Ya Plastics strengthened 1.30 percent, Asia Cement lost 0.37 percent, Taiwan Cement dropped 0.77 percent, China Steel improved 0.79 percent and Hon Hai Precision, Novatek Microelectronics, Mega Financial, CTBC Financial and Fubon Financial were unchanged.

The lead from Wall Street is positive as the major averages opened flat on Monday and stayed that way for much of the session before a late surge sent them solidly into the green.

The Dow rallied 224.02 points or 0.59 percent to finish at 38,333.45, while the NASDAQ jumped 172.68 points or 1.12 percent to close at 15,628.04 and the S&P 500 gained 36.96 points or 0.76 percent to end at 4,927.93.


2024-01-29 19:30:39

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