Little Movement Seen For Taiwan Stock Market
(RTTNews) - The Taiwan stock market bounced higher again on Monday, one session after it had ended the three-day winning streak in which it had advanced more than 170 points or 1.7 percent. The Taiwan Stock Exchange now rests just above the 10,455-point plateau and it's expected to remain in that neighborhood again on Tuesday.
The global forecast for the Asian markets offers little clarity, with renewed weakness in crude oil prices weighing on investors. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.
The TSE finished slightly higher on Monday as gains from the plastics and cement companies were tempered by mixed performances from the financials and technology stocks.
For the day, the index added 13.63 points or 0.13 percent to finish at 10,457.54 after trading between 10,436.31 and 10,490.05 on turnover of 98.94 billion Taiwan dollars.
Among the actives, Cathay Financial lost 0.80 percent, while Mega Financial dipped 0.20 percent, Fubon Financial collected 0.85 percent, Hon Hai Precision and Taiwan Semiconductor Manufacturing Company were unchanged, AU Optronics dropped 1.20 percent, Innolux fell 0.99 percent, Pegatron shed 0.30 percent, Largan Precision added 0.77 percent, Nan Ya Plastics gained 0.65 percent, China Steel picked up 0.78 percent and Taiwan Cement advanced 0.85 percent.
The lead from Wall Street is cloudy as stocks meandered slightly back and forth across the unchanged line Monday before ending mixed.
The Dow shed 8.02 points or 0.04 percent to 21,629.72, while the NASDAQ added 1.97 points or 0.03 percent to 6,314.43 and the S&P eased 0.13 points or 0.01 percent to 2,459.14.
In economic news, the Federal Reserve Bank of New York said that activity in the New York manufacturing sector grew at a slower pace in July.
On the political front, a new national survey showed that the Trump administration faces significantly declining approval as it hits the six-month mark. Trump's approval rating fell to 36 percent, down from 42 percent in April, said a Washington Post-ABC News poll.
Crude oil futures were lower Monday amid after data showed the U.S. oil rig count rose again last week. August WTI oil lost 52 cents or 1.1 percent to $46.02/bbl. Prices jumped 5 percent last week, rising from yearly lows.