Taiwan Stock Market Expected To Open Under Pressure On Tuesday

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(RTTNews) – Ahead of Monday’s holiday for Labor Day, the Taiwan stock market had moved higher in back-to-back trading days, gathering almost 300 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just above the 16,590-point plateau although it’s expected to see heavy selling at the open on Tuesday. The global forecast for the Asian markets is mixed, with markets that were closed on Monday likely to see heavy selling as they catch up on negative sentiment; others may see mild recovery. The European markets were sharply lower and the U.S. bourses were up and the Asian markets figure to split the difference. The TSE finished sharply higher on Friday following gains from the financial shares, technology stocks and plastic companies. For the day, the index climbed 172.78 points or 1.05 percent to finish at 16,592.18 after trading between 16,521.94 and 16,663.66. Among the actives, Cathay Financial collected 0.64 percent, while Mega Financial strengthened 1.46 percent, CTBC Financial improved 0.86 percent, Fubon Financial increased 1.36 percent, First Financial gained 0.72 percent, E Sun Financial gathered 1.65 percent, Taiwan Semiconductor Manufacturing Company climbed 1.32 percent, United Microelectronics Corporation retreated 1.44 percent, Hon Hai Precision added 0.49 percent, Catcher Technology advanced 1.05 percent, MediaTek rose 0.24 percent, Delta Electronics jumped 1.42 percent, Novatek Microelectronics surged 4.18 percent, Formosa Plastic perked 0.96 percent, Nan Ya Plastics spiked 1.40 percent, Asia Cement was up 0.21 percent, Taiwan Cement slid 0.43 percent and Largan Precision was unchanged.

The lead from Wall Street ends up positive as stocks moved back and forth across the unchanged line on Monday before a late rally pushed them into the green.

The Dow climbed 84.29 points or 0.26 percent to finish at 33,061.50, while the NASDAQ surged 201.38 points or 1.63 percent to close at 12,536.02 and the S&P 500 gained 23.45 points or 0.57 percent to end at 4,155.38.

The rebound on Wall Street comes as traders picked up stocks at reduced levels following recent weakness in the markets. The drop seen early in the session dragged the NASDAQ down to its lowest intraday level in well over a year, while the S&P 500 also hit a nearly one-month intraday low.

In economic news, the Institute for Supply Management said growth in U.S. manufacturing activity unexpectedly slowed in April. A separate report from the Commerce Department showed a modest increase in U.S. construction spending in March.

Crude oil futures settled higher on Monday, recovering from sharp early losses as traders looked ahead to Wednesday’s monetary policy decision from the Federal Reserve and Thursday’s OPEC meeting. West Texas Intermediate Crude oil futures for June ended higher by $0.48 or 0.5 percent at $105.17 a barrel.