(RTTNews) – The Taiwan stock market has moved lower in three straight sessions, surrendering more than 420 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just shy of the 22,050-point plateau although it’s due for support on Tuesday.
The global forecast for the Asian markets is positive on hopes for an end to hostilities between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The TSE finished slightly lower on Monday following mixed performances from the financial shares and technology stocks.
For the day, the index slipped 23.05 points or 0.10 percent to finish at 22,049.90 after trading between 21,936.38 and 22,094.60.
Among the actives, Cathay Financial perked 0.16 percent, while Mega Financial slipped 0.24 percent, First Financial collected 0.18 percent, Fubon Financial shed 0.58 percent, E Sun Financial and Delta Electronics both added 0.63 percent, Taiwan Semiconductor Manufacturing Company lost 0.49 percent, United Microelectronics Corporation climbed 1.16 percent, Hon Hai Precision dropped 0.96 percent, Largan Precision improved 1.29 percent, Catcher Technology stumbled 2.12 percent, MediaTek gained 0.40 percent, Novatek Microelectronics strengthened 1.37 percent, Formosa Plastics rallied 2.04 percent, Nan Ya Plastics spiked 2.89 percent, Asia Cement skidded 1.15 percent and CTBC Financial was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 317.30 points or 0.75 percent to finish at 42,515.09, while the NASDAQ rallied 294.39 points or 1.52 percent to close at 19,701.21 and the S&P 500 gained 56.14 points or 0.94 percent to end at 6,033.11.
The rally on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the previous session’s nosedive, which came after Israel launched a series of airstrikes against Iran.
The rebound on Wall Street also came as traders looked ahead to a meeting of major world leaders at the G7 summit in the Canadian Rockies later this week.
The Federal Reserve’s latest monetary policy announcement is also likely to attract attention from traders in the coming days. While the central bank is widely expected to leave interest rates unchanged, the accompanying statement and Fed officials’ latest projections may provide more clarity about the outlook for rates.
Crude oil price fell sharply on Monday after reports that Iran signaled its readiness to end its hostility with Israel. West Texas Intermediate crude oil for July delivery closed down by $1.21 to settle at $71.77 per barrel.
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