Taiwan Stock Market Likely To Run Out Of Steam On Tuesday

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(RTTNews) – The Taiwan stock market has finished higher in four straight sessions, climbing more than 430 points or 2.5 percent along the way. The Taiwan Stock Exchange now sits just above the 17,260-point plateau although it’s ripe for profit taking on Tuesday.

The global forecast for the Asian markets suggest consolidation, with investors expected to use a lack of catalysts as a reason to lock in gains following recent strength. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Monday as gains from the finance, plastic and cement sectors were capped by weakness from the technology stocks.

For the day, the index advanced 104.47 points or 0.61 percent to finish at 17,263.28 after trading between 17,135.52 and 17,294.15.

Among the actives, Cathay Financial soared 3.51 percent, while Mega Financial jumped 1.25 percent, CTBC Financial rallied 2.47 percent, Fubon Financial spiked 3.00 percent, First Financial improved 1.32 percent, E Sun Financial collected 1.11 percent, Taiwan Semiconductor Manufacturing Company skidded 1.15 percent, United Microelectronics Corporation climbed 1.11 percent, Hon Hai Precision retreated 1.62 percent, Largan Precision tumbled 1.59 percent, MediaTek declined 1.23 percent, Formosa Plastic surged 2,29 percent, Asia Cement accelerated 2.15 percent, Taiwan Cement gained 2.86 percent and Catcher Technology was unchanged.

The lead from Wall Street is negative as stocks opened in the red and stayed there throughout the session, pulling back from recent highs.

The Dow shed 123.04 points or 0.36 percent to finish at 34,077.63, while the NASDAQ dropped 137.58 points or 0.98 percent to end at 13,914.77 and the S&P 500 sank 22.21 points or 0.53 percent to close at 4,163.26.

The lower open on Wall Street was profit taking in reaction to some of the markets hitting fresh record closing highs last week.

Mixed earnings news didn’t give investors a reason to start buying, so the markets saw little movement after their slow start.

Crude oil futures ended higher Monday as prices moved higher amid expectations of a drop in global crude supply. West Texas Intermediate Crude oil futures for May ended higher by $0.25 or 0.4 percent at $63.38 a barrel.

Closer to home, Taiwan will release March numbers for export orders later today, with forecasts suggesting a surge of 33.65 percent following the 48.5 percent spike in February.