The Taiwan stock market has alternated between positive and negative finishes through the last four trading days since the end of the eight-day winning streak in which it had soared almost 450 points or 4.2 percent. The Taiwan Stock Exchange now rests just above the 11,220-point plateau although it may turn lower again on Tuesday.
The global forecast for the Asian markets is soft, with profit taking likely following recent gains. A drop in crude oil prices adds to the soft sentiment. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The TSE finished modestly higher following gains from the financial and steel companies, while the technology stocks came in mixed.
For the day, the index climbed 74.71 points or 0.67 percent to finish at 11,221.81 after trading between 11,161.83 and 11,246.18 on turnover of 130.41 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company jumped 1.37 percent, while AU Optronics fell 0.35 percent, Largan Precision soared 3.99 percent, United Microelectronics Corporation dipped 0.34 percent, Hon Hai Precision shed 0.73 percent, China Steel picked up 0.20 percent, Taiwan Cement lost 0.65 percent, Formosa Plastics added 0.97 percent, Cathay Financial collected 0.91 percent, Mega Financial added 0.39 percent and Fubon Financial spiked 1.50 percent.
The lead from Wall Street is negative as stocks gave ground on Monday after several days of record closing highs for the major averages.
The Dow shed 177.23 points or 0.67 percent to 26,439.48, while the NASDAQ lost 39.27 points or 0.52 percent and the S&P 500 fell 19.34 points or 0.67 percent to 2,853.53.
Profit taking contributed to the weakness on Wall Street, as traders cashed in on recent gains. Also, the Federal Reserve's monetary policy announcement and the Labor Department's monthly jobs report may be keeping some traders on the sidelines.
In economic news, the Commerce Department said personal income rose slightly more than expected in December, while personal spending climbed in line with expectations.
Crude oil futures fell Monday amid indications U.S. production will be ramped up, as well as a strengthening U.S. dollar. March WTI oil was down 58 cents or 0.9 percent to $65.56/bbl.
by RTT Staff Writer
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