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Technology stocks tend to overweight Taiwan stocks

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(RTTNews) — The Taiwan stock market has fallen in back-to-back trading days, dropping more than 300 points or 1.6 percent along the way. The Taiwan Stock Exchange is now below a plateau of 17,270 points and those losses are expected to extend on Wednesday.

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The global outlook for Asian markets is negative due to coronavirus fears and interest rate expectations. European and American markets fell and Asian bourses are expected to succeed suit.

The Tokyo Stock Exchange ended slightly lower on Tuesday following losses incurred by cement stocks, while financial and technology companies were mixed.

The index fell for the day 133.69 points, or 0.77 percent, to close at 17,269.87, following trading between 17,264.50 and 17,459.35.

Among the active companies, Cathay Financial fell 2.14%, while Mega Financial rose 0.15%, CTBC Financial fell 0.22%, Fubon Financial fell 2.68%, First Financial gained 0.22% and United Microelectronics Corporation slid 1.12 %, Hon Hai Precision stock rose 1.36%, Largan Precision fell 0.67 percent, Catcher Technology advanced 1.07 percent, MediaTek stock jumped 1.63 percent, Delta Electronics 2.34 percent, and Formosa Plastics 0.30 percent, Asia Cement fell 0.19 percent, Taiwan Cement lost 0.38 percent, Taiwanese semiconductor manufacturer and E Sun Financial. .

The leadership from Wall Street is weak as the major averages opened lower on Monday and remained in the red throughout the session.

The Dow Jones Index lost 85.79 points, or 0.24 percent, to close at 35,058.51, while the Nasdaq Index fell 180.14 points, or 1.21 percent, to close at 14,660.58, and the Standard & Poor’s 500 Index fell 20.84 points, or 0.47 percent, to close at 4401.46.

The decline on Wall Street reflected the uncertainty ahead of the Federal Reserve’s monetary policy announcement later today. Traders are likely to focus on the Federal Reserve’s statement for any evidence that the central bank is considering scaling back its asset purchase program.

Negative sentiment may also have arisen in response to news that the CDC has recommended that people vaccinated against the coronavirus resume wearing masks indoors in areas where the disease is most widespread, particularly in the South and West.

In economic news, the Commerce Department said unused orders for durable goods manufactured in the United States experienced continued growth in June. The Conference Board also said that US consumer confidence improved slightly from the upwardly revised level in July.

The price of Crude Oil drifted lower on Tuesday following moving around the flat line for most of today’s session, as traders weigh demand expectations and look ahead to weekly inventory data. West Texas Intermediate crude futures for September were down $0.26, or 0.4 percent, at $71.65 a barrel.

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.


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