Tech stocks could weigh on Taiwan’s stock market

(RTTNews) – Taiwan’s stock market has advanced in four consecutive sessions, harvesting more than 480 points or 3% along the way. The Taiwan Stock Exchange is now just above the 15,420 plateau, although it may be stuck in neutral on Wednesday.

Global forecasts for Asian markets suggest a slight upside, with gains likely limited by profit taking in the oil and technology sectors. European markets were up and US markets were mixed and Asian markets figured to share the difference.

The TSE ended marginally higher on Tuesday after gains from cement companies, weakness in plastics and mixed performance from financials and technology stocks.

For the day, the index gained 3.27 points or 0.02% to end at 15,420.57 after trading between 15,392.49 and 15,451.83.

Among assets, Cathay Financial lost 0.42%, while Mega Financial collected 0.56%, CTBC Financial rose 1.24%, Fubon Financial fell 0.17%, First Financial fell 0 .19%, E Sun Financial slipped 0.18%, Taiwan Semiconductor Manufacturing Company added 0.38%, United Microelectronics Corporation slipped 1.03%, Hon Hai Precision fell 0.89%, Largan Precision strengthened 1.69%, Catcher Technology climbed 1.43%, Delta Electronics lost 0.55%, Formosa Plastics fell 0.11%, Nan Ya Plastics fell 0.28%, Asia Cement rose 0.36%. percent, Taiwan Cement rose 0.13 percent and MediaTek was unchanged.

Wall Street’s lead is mixed as major averages opened either side of the unchanged line, rallied midday but still ended the same.

The Dow Jones jumped 239.57 points or 0.71% to end at 34,152.01, while the NASDAQ fell 25.50 points or 0.19% to close at 13,102.55 and the S&P 500 rose 8.06 points or 0.19% to end at 4,305.20.

The Dow’s continued advance was partly due to strong gains from Walmart (WMT) and Home Depot (HD) after both companies reported better-than-expected second-quarter results.

Buying interest may also have been generated in reaction to a Federal Reserve report indicating that US industrial production rose more than expected in July.

Traders largely ignored a Commerce Department report showing new home construction fell far more than expected last month.

Oil prices fell sharply on Tuesday on worries about the outlook for energy demand and a possible increase in supply from OPEC. West Texas Intermediate crude oil futures for September fell $2.88 or 3.2% to $86.53 a barrel.

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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