Taiwan stocks set to resume their ascent

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(RTTNews) – Taiwan’s stock market fell less than a point on Tuesday, but that was enough to halt the four-day winning streak in which it had climbed more than 635 points or 3.9%. The Taiwan Stock Exchange is now just below the plateau of 17,560 points, although it should rebound again on Wednesday.

The overall outlook for Asian markets is positive, continuing mostly strong momentum with support from tech stocks. European and American markets were up and Asian exchanges are expected to open similarly.

The TSE finished barely lower on Tuesday as losses in tech stocks were mitigated by support from financials.

For the day, the index lost 0.65 points or 0.00% to end at 17,559.71 after trading between 17,468.55 and 17,573.29.

Among assets, Mega Financial gained 1.35%, while CTBC Financial gained 0.88%, First Financial collected 0.74%, E Sun Financial gained 0.80%, Taiwan Semiconductor Manufacturing Company lost 0.51%, Hon Hai Precision lost 0.48%, Largan Precision fell 0.75%. , MediaTek fell 0.31%, Delta Electronics gained 0.38%, Asia Cement rose 0.10%, Taiwan Cement fell 0.10%, Nan Ya Plastics rose 0.33% and United Microelectronics Corporation, Catcher Technology, Cathay Financial, Fubon Financial and Formosa Plastic remained unchanged.

Wall Street’s advance is bullish as major averages opened higher on Tuesday and remained solidly in green throughout the session, erasing losses from the previous day.

The Dow Jones climbed 254.47 points or 0.74% to end at 34,807.46, while the NASDAQ jumped 270.36 points or 1.95% to end at 14,108.82 and the S&P 500 climbed 50.43 points or 1.13% to close at 4,511.61.

Wall Street’s rebound came as stocks resumed the strong upward move seen last week after Monday’s brief pause in the recovery rally. The Dow had closed higher for five consecutive sessions before Monday’s decline, and the NASDAQ had climbed more than 9% after hitting its lowest closing level in more than a year last week.

Traders again largely ignored comments from Federal Reserve Chairman Jerome Powell a day earlier suggesting the central bank could raise interest rates more aggressively; a rate hike in May has already been largely priced in.

Crude oil futures ended lower on Tuesday, weighed down by reports that European Union foreign ministers are divided on the issue of a Russian oil ban. West Texas Intermediate crude oil futures for April were down $0.36 or 0.3% at $111.76 a barrel on expiry day.

Closer to home, Taiwan will see February numbers for industrial production and retail sales later today; in January, industrial production rose 10.0% year on year and retail sales rose 6.4% year on year.

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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