Taiwan stock market moves up

Published On: July 22, 2020Categories: Stocks & Shares1.7 min read

The Taiwan Stock Exchange (TSE) finished sharply higher following gains from the cement stocks and mixed performances from the financial shares and technology stocks

The Taiwan stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had fallen almost 55 points or 0.5 percent. The Taiwan Stock Exchange (TSE) now sits just beneath the 12,400-point plateau although it’s likely to head south again on Wednesday.

The global forecast for the Asian markets is mostly upbeat on European stimulus news, although technology stocks may see profit taking. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished sharply higher on Tuesday following gains from the cement stocks and mixed performances from the financial shares and technology stocks.

For the day, the index surged 223.05 points or 1.83 percent to finish at 12,397.55 after trading between 12,242.32 and 12,450.16.

Among the actives, Mega Financial collected 0.31 percent, while CTBC Financial fell 0.25 percent, Fubon Financial lost 0.35 percent, First Financial added 0.43 percent, Taiwan Semiconductor Manufacturing Company soared 4.64 percent, United Microelectronics Corporation spiked 3.63 percent, Hon Hai Precision tumbled 1.73 percent, Largan Precision accelerated 2.00 percent, Catcher Technology skidded 1.10 percent, MediaTek surged 5.99 percent, Asia Cement jumped 2.09 percent, Taiwan Cement advanced 1.00 percent and Formosa Plastic, Cathay Financial and E Sun Financial were unchanged.

The lead from Wall Street is inconclusive as stocks opened higher on Tuesday, although the NASDAQ slipped into the red for a mixed finish.

The Dow climbed 159.53 points or 0.60 percent to finish at 26,840.40, while the NASDAQ sank 86.73 points or 0.81 percent to end at 10,680.36 and the S&P 500 rose 5.46 points or 0.17 percent to close at 3,257.30.

The markets saw early strength on news that European Union leaders agreed on a package of measures to tackle the exceptional nature of the economic and social situation posed by the coronavirus pandemic.

But the NASDAQ turned negative on profit taking following Tuesday’s record close.

The gains on the Dow were fuelled by the energy sector as crude oil prices rose sharply and hit a four-month high as worries about the energy demand outlook faded. West Texas Intermediate Crude oil futures for August ended higher by $1.15 or 2.8 percent at $41.96 a barrel.

Taiwan will provide June figures for unemployment later today; in May, the jobless rate was 4.16 percent.

About the Author: Jonathan Adams

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