Consolidation expected for Taiwan’s stock market on Tuesday

(RTTNews) – Taiwan’s stock market has finished higher in four consecutive sessions, improving nearly 770 points or 5.3% along the way. The Taiwan Stock Exchange is now just below the 14,720 plateau, although it is expected to take some profit on Tuesday.

The global outlook for Asian markets is mixed to the downside, with profit taking expected amid concerns over the interest rate outlook. European markets were up and US stocks were down, and Asian markets are also expected to trend generally lower.

The TSE ended sharply higher on Monday after gains in financial stocks, technology stocks and cement and plastics companies.

For the day, the index climbed 169.02 points or 1.16% to end at a daily high of 14,719.64 after falling to 14,589.10.

Among assets, Cathay Financial jumped 2.38%, while Mega Financial collected 0.74%, CTBC Financial accelerated 2.29%, Fubon Financial jumped 4.01%, First Financial strengthened 1 .42%, E Sun Financial climbed 2.94%, Taiwan Semiconductor Manufacturing Company added 0.61%, United Microelectronics Corporation rose 2.70%, Catcher Technology climbed 1.19%, MediaTek jumped by 2.01%, Formosa Plastics gained 1.62%, Nan Ya Plastics increased by 0.48%, Asia Cement increased by 2.21%, Taiwan Cement increased by 0.49% and Hon Hai Precision, Largan Precision and Delta Electronics remained unchanged.

Wall Street’s lead ended up being negative as major averages couldn’t hold onto early gains, tumbling as the day progressed to close firmly in the red.

The Dow Jones fell 215.65 points or 0.69% to end at 31,072.61, while the NASDAQ fell 92.37 points or 0.81% to end at 11,360.05 and the S&P 500 fell 32.31 points or 0.84% ​​to close at 3,830.85.

Initial strength on Wall Street came as traders continued to buy stocks at reduced levels, while positive sentiment was also generated in reaction to upbeat earnings news from Goldman Sachs (GS) and others.

However, buyer interest waned during the session as traders continued to worry about the economic outlook ahead of next week’s Federal Reserve meeting.

In US economic news, the National Association of Home Builders released a report showing a substantial deterioration in US homebuilder confidence in the month of July.

Crude oil prices rose sharply on Monday as traders assessed crude supply levels amid concerns over gas supplies from Russia. The weak dollar also contributed significantly to the surge in oil prices. West Texas Intermediate crude oil futures for August ended up $5.01 or 5.1% at $102.60 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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