Renewed Selling Pressure Tipped For Taiwan Shares
(RTTNews) - Ahead of Monday's holiday for the Dragon Boat Festival, the Taiwan stock market had moved higher in two of three trading days since the end of the three-day slide in which it had retreated more than 105 points or 0.9 percent. The Taiwan Stock Exchange now rests just beneath the 11,090-point plateau al though it figures to head south again on Tuesday.
The global forecast for the Asian markets suggests initial weakness, although bargain hunting and a bump in crude oil prices may lift stocks as the day progresses. The European markets were down and the U.S. markets were mixed and the Asian bourses figure to follow the latter lead.
The TSE finished modestly higher on Friday following gains from the financial shares and a mixed picture from the technology stocks.
For the day, the index climbed 73.49 points or 0.67 percent to finish at the daily high of 11,087.47 after moving as low as 10,981.61 on turnover of 189.98 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company soared 1.99 percent, while Innolux added 0.42 percent, AU Optronics perked 1.50 percent, Largan Precision lost 0.65 percent, Hon Hai Precision shed 0.58 percent, Catcher Technology surged 2.47 percent, CTBC Financial climbed1.14 percent, Fubon Financial jum ped 1.51 percent, Mega Financial collected 0.56 percent, Cathay Financial spiked 1.47 percent and First Financial was unchanged.
The lead from Wall Street is uninspired as stocks opened lower on Monday. They moved off the lows as the day progressed but still ended mostly in the red.
The Dow fell 103.01 points or 0.41 percent to 24,987.47, while the NASDAQ added 0.65 points or 0.01 percent to 7,747.02 and the S&P 500 dipped 5.91 points or 0.21 percent to 2,773.75.
The weakness on Wall Street reflected lingering concerns about a global trade war after the U.S. and China announced plans to impose tariffs on billions of dollars in imported goods. Traders have expressed concerns the new tariffs could negatively affect global economic growth.
In economic news, the National Association of Home Builders noted an unexpected deterioration in homebuilder confidence in June.
Crude oil futures rebounded Monday as traders took advantage of steep recent losses. July West Texas Intermediate crude added 79 cents or 1.2 percent to settle at $65.85 a barrel on the New York Mercantile Exchange.SEE ALSO: These 7 graphs lay bare Google's diversity problem ÃÂ» READ NOW: Central bankers claim bitcoin could break the internet Ã¢ÂÂ" the crypto world thinks they're missing the point ÃÂ» SUBSCRIBE NOW:
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