Taiwan Stock Market Tipped To Open In The Green

RTTNews | 763 일 전

(RTTNews) - The Taiwan stock market has tracked higher in two of three trading days since the end of the two-day slide in which it had stumbled almost 220 points or 1.3 percent. The Taiwan Stock Exchange now rests just above the 17,030-point plateau and it's expected move higher again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic ahead of Wednesday's FOMC interest rate decision. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.

The TSE finished barely higher on Monday following mixed performances from the technology stocks and cement companies.

For the day, the index perked 2.91 points or 0.02 percent to finish at 17,033.61 after trading between 16,941.15 and 17,098.73.

Among the actives, Cathay Financial was down 0.45 percent, while Mega Financial dropped 0.89 percent, CTBC Financial retreated 1.32 percent, First Financial slid 0.53 percent, Fubon Financial declined 0.63 percent, E Sun Financial sank 0.76 percent, Taiwan Semiconductor Manufacturing Company shed 0.36 percent, United Microelectronics Corporation lost 0.33 percent, Hon Hai Precision added 0.47 percent, Largan Precision dipped 0.23 percent, Catcher Technology advanced 0.86 percent, MediaTek skidded 1.03 percent, Delta Electronics gained 0.42 percent, Novatek Microelectronics fell 0.61 percent, Formosa Plastics slumped 0.48 percent, Nan Ya Plastics dropped 0.99 percent, Asia Cement plunged 2.43 percent, Taiwan Cement climbed 1.11 percent and China Steel gained 0.51 percent.

The lead from Wall Street suggests mild upside as the major averages opened higher, faded as the day progressed but still finished with modest gains.

The Dow jumped 183.55 points or 0.52 percent to finish at 35,411.24, while the NASDAQ rose 26.06 points or 0.19 percent to close at 14,058.87 and the S&P 500 added18.30 points or 0.40 percent to end at 4,554.64.

The markets continued to benefit from recent upward momentum, which has contributed to an 11-day winning streak for the Dow, the longest since February 2017. The recent strength lifted all three major averages to their best levels in over a year last week.

Overall trading activity remained somewhat subdued, however, as traders looked ahead to the Federal Reserve's monetary policy decision on Wednesday.

With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

Crude oil futures settled sharply higher Monday, buoyed by increased demand for gasoline and export cuts by Saudi Arabia and Russia. West Texas Intermediate Crude oil futures for September ended higher by $1.67 or 2.2 percent at $78.74 a barrel.

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