(RTTNews) – The Taiwan stock market has moved lower in three straight trading days, falling more than 120 points or 1.2 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,290-point plateau although it may stop the bleeding on Tuesday.
The global forecast for the Asian markets is cautiously optimistic, thanks to a bump in crude oil prices. The European and U.S. markets were up, and the Asian bourses are expected to follow that lead.
The TSE finished slightly lower on Monday following losses from the technology stocks, cement companies and financial shares.
For the day, the index slipped 7.34 points or 0.07 percent to finish at 10,289.91 after trading between 10,283.95 and 10,331.11 on turnover of 81.69 billion.
Among the actives, Cathay Financial collected 0.72 percent, while Fubon Financial shed 0.75 percent, Mega Financial eased 0.20 percent, Taiwan Cement dipped 0.57 percent, Taiwan Semiconductor Manufacturing Company was unchanged, AU Optronics lost 0.39 percent, Innolux fell 0.32 percent, MediaTek dropped 1.20 percent, Hon Hai Precision added 0.87 percent, Largan Precision spiked 2.62 percent and Formosa Plastics skidded 1.28 percent.
The lead from Wall Street suggests mild upside as stocks moved higher on Monday after initially showing a lack of direction.
The Dow eased 5.82 points or 0.1 percent to 21,408.52, while the NASDAQ climbed 23.31 points or 0.4 percent to 6,176.39 and the S&P added 2.25 points or 0.1 percent to 2,427.43.
Traders were reluctant to make major moves ahead of Federal Reserve Chair Janet Yellen’s semiannual testimony Thursday before Congress.
The comments from the Fed Chief could have a significant impact on the outlook for interest rates ahead of the central bank’s monetary policy meeting later this month.
Energy stocks turned in a strong performance, moving higher along with the price of crude oil. Crude for August delivery inched up $0.17 to $44.40 a barrel.
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