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Taiwan stock market expected profit taking


(RTTNews) – Taiwan’s stock market advanced in two consecutive sessions, rising more than 300 points or 1.6% along the way. The Taiwan Stock Exchange is now just above the 18,525 point plateau, although investors plan to cash on Wednesday.

Global forecasts for Asian markets are mixed to higher, with support for oil stocks tempered by weakness in tech stocks. European markets were up and US stock markets were mixed and Asian markets were counting to divide the difference.

The TSE ended sharply higher on Tuesday after gains in financials and tech stocks.

For the day, the index climbed 255.84 points or 1.40% to close to a daily high of 18,526.35 after falling to 18,395.14.

Among assets, Cathay Financial collected 0.65%, while Mega Financial rose 0.57%, CTBC Financial rose 0.78%, First Financial rose 0.41%, E Sun Financial rose 0.36%, Taiwan Semiconductor Manufacturing Company soared 3.96%, United Microelectronics Corporation lost 0.63%, Hon Hai Precision added 0.49%, Largan Precision climbed 7.80% , Catcher Technology gained 0.63 percent, MediaTek climbed 1.30 percent, Delta Electronics jumped 5.32 percent, Formosa Plastic sank 0.47 percent, Asia Cement lost 0.45 percent, Taiwan Cement fell 0.32 percent and Fubon Financial was unchanged.

Wall Street’s lead is mixed as the Dow Jones opened higher and stayed that way, the NASDAQ opened lower and stayed that way, and the S&P opened higher but fell into the red.

The Dow Jones climbed 214.59 points or 0.59% to a record 36,799.65, while the NASDAQ fell 210.08 points or 1.33% to close at 15,622.72 and the S&P 500 was down 3.02 points or 0.06% to end at 4,793.54.

NASDAQ’s sharp pullback reflected substantial weakness in software and biotech stocks, while financials fed the Dow.

The continued advance of the Dow Jones also came as traders remain optimistic about the economic outlook, even as the United States reported more than one million new cases of Covid on Monday. Indications that the new variant of Omicron is causing milder symptoms have raised hopes that the recent increase could actually help hasten the end of the pandemic.

Crude oil prices rose Tuesday after OPEC said it would stick to its plan to increase monthly crude production by 400,000 barrels per day in February. West Texas Intermediate crude oil futures for February ended up $ 0.91 or 1.2% at $ 76.99 a barrel.

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