Taiwan Shares May Take Further Damage On Tuesday
(RTTNews.com) - The Taiwan stock market on Monday wrote a finish to the two-day winning streak in which it had advanced almost 110 points or 1 percent. The Taiwan Stock Exchange now rests just above the 11,030-point plateau and it's looking at another soft start again on Tuesday.
The global forecast for the Asian markets is negative, with continued weakness expected among technology stocks. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The TSE finished modestly lower on Monday following mixed performances from the financial shares and the technology stocks.
For the day, the index sank 42.24 points or 0.38 percent to finish at 11,033. 54 after trading between 11,001.15 and 11,080.41 on turnover of 125.21 billion Taiwan dollars.
Among the actives, Hon Hai Precision climbed 1.20 percent, while Largan Precision skidded 1.52 percent, MediaTek tumbled 2.80 percent, AsusTek gained 0.57 percent, Taiwan Semiconductor Manufacturing Company added 0.41 percent, United Microelectronics Corporation fell 0.58 percent, Chunghwa Telecom picked up 0.47 percent, Taiwan Cement advanced 0.99 percent, Fubon Financial collected 0.40 percent, CTBC Financial shed 0.73 percent, Cathay Financial lost 0.38 percent and Mega Financial and First Financial were unchanged.
The lead from Wall Street is soft as stocks moved mostly lower on Monday, with technology stocks extending last week's losses.
The Dow slid 144.23 points or 0.57 percent to 25,306.82, while the NASDAQ tumbled 107.42 points or 1.39 percent to 7,630.00 and the S&P 500 fell 16.22 points or 0.58 percent to 2,802.60.
The weakness on Wall Street came as tech stocks saw further downside, with Twitter (TWTR), Netflix (NFLX), Facebook (FB) and Amazon (AMZN) all moving sharply lower.
In economic news, the National Association of Realtors noted a bigger than expected rebound in pending home sales in June.
Overall trading activity was subdued as traders looked ahead to Wednesday's monetary policy announcement from the Federal Reserve. The Fed is expected to leave interest rates unchanged, but traders will look to the accompanying statement for clues about the outlook for rates.
Crude oil for September delivery spiked $1.44 to $70.13 a barrel due in part to concerns about looming sanctions on Iran.
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This article appears in: Stocks , World Markets , PoliticsSource: Google News Taiwan | Netizen 24 Taiwan