Profit Taking Likely For Taiwan Stock Market

(RTTNews) – The Taiwan stock market has finished higher in six straight sessions, accelerating almost 530 points or 3 percent along the way. The Taiwan Stock Exchange now sits just beneath the 18,200-point plateau although it’s overdue for consolidation on Wednesday.

The global forecast for the Asian markets is mixed, with support expected from oil companies and weakness likely from tech shares. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Tuesday following gains from the financial shares, cement companies and technology stocks.

For the day, the index climbed 147.87 points or 0.82 percent to finish at 18,196.81 after trading between 18,099.71 and 18,197.36.

Among the actives, Cathay Financial improved 1.63 percent, while CTBC Financial collected 0.58 percent, Fubon Financial gathered 0.93 percent, First Financial rose 0.41 percent, E Sun Financial was up 0.18 percent, Taiwan Semiconductor Manufacturing Company jumped 1.49 percent, United Microelectronics Corporation added 0.62 percent, Hon Hai Precision advanced 0.96 percent, Largan Precision tumbled 1.84 percent, Catcher Technology climbed 1.29 percent, MediaTek and CK Hutchison both rallied 2.62 percent, Delta Electronics gained 0.73 percent, Formosa Plastic spiked 0.48 percent, Asia Cement perked 0.11 percent, Taiwan Cement increased 0.10 percent and Mega Financial was unchanged.

The lead from Wall Street is mixed as the Dow opened higher on Thursday and stayed that way, the S&P 500 opened higher but gradually fell into the red and the NASDAQ simply spent most of the day in negative territory.

The Dow gained 95.83 points or 0.26 percent to finish at 36,398.21, while the NASDAQ sank 89.54 points or 0.56 percent to close at 15,781.72 and the S&P 500 eased 4.84 points or 0.10 percent to end at 4,786.35.

The lackluster performance came as traders were reluctant to continue making significant moves following the recent strength in the markets. But they largely refrained from cashing in on recent gains amid easing concerns about the impact of the Omicron variant of the coronavirus.

Helping offset worries about the pandemic, the Centers for Disease Control and Prevention has shortened the recommended isolation time to for asymptomatic people with Covid-19 to 5 days from 10 days.

Crude oil futures rose Tuesday, extending gains to a fifth straight session on hopes the Omicron variant of the coronavirus is unlikely to impact global economic recovery. West Texas Intermediate Crude oil futures for February added $0.41 or 0.5 percent at $75.98 a barrel.

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