Taiwan Stock Market Tipped To Find Traction On Tuesday

RTTNews · 20 Sep 2022 6.4K Views
The Taiwan stock market has finished lower in two straight sessions, sinking almost 250 points or 1.8 percent along the way. The Taiwan Stock Exchange now rests just above the 14,425-point plateau although it's due for support on Tuesday.

The global forecast for the Asian markets is cautiously optimistic as some traders believe the heavy selling in recent sessions has been overdone. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

He TSE finished modestly lower on Monday following losses from the plastic stocks and mixed performances from the financials, cement companies and technology shares.

For the day, the index dropped 136.08 points or 0.93 percent to finish at 14,425.68 after trading between 14,424.33 and 14,585.06.

Among the actives, Cathay Financial dipped 0.12 percent, while Mega Financial eased 0.14 percent, CTBC Financial rose 0.23 percent, Fubon Financial collected 0.53 percent, First Financial slumped 1.12 percent, Taiwan Semiconductor Manufacturing Company skidded 1.06 percent, Hon Hai Precision shed 0.47 percent, Largan Precision sank 0.79 percent, Catcher Technology gained 0.58 percent, MediaTek added 0.67 percent, Delta Electronics jumped 1.70 percent, Formosa Plastics declined 1.16 percent, Nan Ya Plastics retreated 1.46 percent, Asia Cement slid 0.23 percent, Taiwan Cement improved 0.53 percent and United Microelectronics Corporation and E Sun Financial were unchanged.

The lead from Wall Street ends up positive as the major averages opened lower on Monday, bounced back and forth across the unchanged line before ending in the green.

The Dow jumped 197.26 points or 0.64 percent to finish at 31,019.68, while the NASDAQ jumped 86.62 points or 0.76 percent to close at 11,535.02 and the S&O 500 gained 26.56 points or 0.69 percent to end at 3,899.89.

Trading activity was subdued as traders looked ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike.

A number of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan.

Traders largely shrugged off a report from the National Association of Home Builders showing U.S. homebuilder confidence declined for the ninth consecutive month in September.

Oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 a barrel.

Closer to home, Taiwan will provide August data for export orders later today, with forecasts suggesting a decline of 2.0 percent following the 1.9 percent drop in July.




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