Taiwan stock market due to profit taking

(RTTNews) – Taiwan’s stock market ended higher for two consecutive trading days, rising more than 300 points or 1.8% along the way. The Taiwan Stock Exchange is now just below the 17,900 plateau, although it is likely to open under pressure on Wednesday.

The global forecast is strongly negative due to growing concerns over the Russian invasion of Ukraine. European and US markets were down sharply on Tuesday and Asian markets are expected to open similarly.

The TSE ended sharply higher on Tuesday after gains in financial stocks, technology stocks, plastics and cement companies.

For the day, the index jumped 246.07 points or 1.39% to end at 17,898.25 after trading between 17,657.50 and 17,944.50.

Among assets, Cathay Financial collected 0.48%, while Mega Financial climbed 1.60%, CTBC Financial accelerated 2.21%, Fubon Financial gained 1.46%, First Financial1 improved 1.56%, E Sun Financial rose 1.19%, United Microelectronics Corporation climbed 3.84%, Hon Hai Precision jumped 1.46%, Largan Precision rose 1.49%, Catcher Technology was up 2.10%, MediaTek was up 1.38%, Delta Electronics jumped 4.06%, Formosa Plastic was up 2.86%, Nan Ya Plastics was up 2.62%, Asia Cement rose 2.22%, Taiwan Cement gained 0.95% and Taiwan Semiconductor Manufacturing Company was unchanged.

Wall Street’s lead is weak as major averages opened lower on Tuesday and saw losses accelerate as the day progressed before closing firmly in the red.

The Dow Jones fell 597.65 points or 1.76% to end at 33,294.95, while the NASDAQ fell 218.94 points or 1.59% to close at 13,532.46 and the S&P 500 fell 67.68 points or 1.55% to end at 4,306.26.

Wall Street’s weakness came as selling continued unabated amid growing concerns about the likely economic impact of the ongoing Russian-Ukrainian conflict and tough sanctions imposed on Russia by the United States and several Western countries.

According to reports, Russian rockets hit the center of the Ukrainian city of Kharkiv and a long line of tanks was heading towards Kiev.

In US economic news, construction spending posted a bigger-than-expected gain in January, while the ISM manufacturing PMI for February also beat forecasts.

Crude oil prices rose sharply on Tuesday as an escalation in the ongoing Russian-Ukrainian war and a series of sanctions imposed on Russia raised concerns about global oil supplies. West Texas Intermediate crude oil futures for April ended up $7.69 or 8% at $103.41 a barrel, the highest settlement since July 2014.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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