Tech Shares May Boost Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, collecting almost 800 points or 4 percent in that span. The Taiwan Stock Exchange now sits just above the 21,330-point plateau and it's likely to open to the upside again on Wednesday.

The global forecast for the Asian markets is mixed to higher on better-than-expected inflation data. The European and U.S. markets were mostly higher and the Asian bourses figure to follow that lead.

The TSE finished modestly higher on Tuesday following gains from the technology stocks, while the plastics were soft and the financial sector was mixed.

For the day, the index advanced 200.60 points or 0.95 percent to finish at 21,330.14 after trading between 21,330.14 and 21,626.28.

Among the actives, Cathay Financial and Fubon Financial both were up 0.16 percent, while Mega Financial dropped 0.88 percent, First Financial collected 0.19 percent, Taiwan Semiconductor Manufacturing Company strengthened 1.25 percent, United Microelectronics Corporation perked 0.22 percent, Hon Hai Precision soared 3.27 percent, Largan Precision and Catcher Technology both added 0.68 percent, MediaTek spiked 3.04 percent, Delta Electronics shed 0.54 percent, Novatek Microelectronics rallied 2.48 percent, Formosa Plastics tumbled 1.91 percent, Nan Ya Plastics skidded 1.11 percent, Asia Cement rose 0.33 percent and E Sun Financial and CTBC Financial were unchanged.

The lead from Wall Street is mixed as the Dow opened in the red and remained there throughout, while the NASDAQ and S&P 500 were in positive territory from start to finish.

The Dow slumped 269.67 points or 0.64 percent to finish at 42,140.43, while the NASDAQ surged 301.74 points or 1.61 percent to close at 19,010.08 and the S&P 500 gained 42.36 points or 0.72 percent to end at 5,886.55.

The continued strength in the broader markets followed the release of a Labor Department report showing consumer prices in the U.S. rose less than expected in April.

The slightly tamer-than-expected inflation data eased concerns about President Donald Trump's new tariffs on U.S. trade partners leading to higher prices.

Meanwhile, a steep drop by shares of UnitedHealth (UNH) weighed on the Dow, with the healthcare giant plunging by 17.8 percent after the company suspended its full-year guidance.

Crude oil prices showed another significant move to the upside on Tuesday, reaching its highest closing level in almost a month on optimism about the outlook for demand. West Texas Intermediate crude for June delivery surged $1.72 or 2.8 percent to $63.67 a barrel.