07.11.2017 01:31:00

Taiwan Stock Market May Reverse Monday's Losses

(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 picked up almost 100 points or 0.9 percent. The Taiwan Stock Exchange now rests just above the 10,785-point plateau, although it's expected to rebound again on Tuesday.

The global forecast for the Asian markets is positive, thanks largely to a surge in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.

The TSE finished slightly lower on Monday following losses from the textiles and steel producers, while the financials and technology stocks were mixed.

For the day, the index sank 14.58 points or 0.13 percent to finish at 10,786.19 after trading between 10,769.19 and 10,858.50 on turnover of 112.60 billion Taiwan dollars.

Among the actives, Cathay Financial shed 0.40 percent, while Mega Financial collected 0.21 percent, Fubon Financial lost 0.21 percent, Taiwan Semiconductor Manufacturing Company added 0.21 percent, AU Optronics gained 0.40 percent, Largan Precision tumbled 1.84 percent, MediaTek plunged 2.09 percent, Far Eastern New Century skidded 1.34 percent, Taiwan Steel retreated 1.16 percent and China Steel, Hon Hai Precision and Innolux were unchanged.

The lead from Wall Street is upbeat as stocks moved higher on Monday in subdued activity as the major averages again hit new record closing highs.

The Dow added 9.23 points or 0.13 percent to 23,548.42, while the NASDAQ gained 22.00 points or 0.33 percent to 6,786.44 and the S&P was up 3.29 points or 0.13 percent to 2,591.13.

The strength on Wall Street reflected a spike in crude oil prices, which continued to surge after a purge of royal family's political rivals in Saudi Arabia.

As a result, energy stocks showed a strong move to the upside as the price of crude oil for December delivery jumped $1.71 or 3.1 percent to $57.35/bbl, the highest in two years.

The market also benefitted from optimism about the economy and the likelihood of passage of the republican tax reform plan.

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