(RTTNews) – The Taiwan stock market has tracked higher in two straight sessions, gathering more than 90 points or 0.8 percent along the way. The Taiwan Stock Exchange now rests just above the 10,650-point plateau, although the tech sector is expected to drag the market into the red on Tuesday.
The global forecast is mixed, with technology and oil stocks expected to cap gains from the broader markets. The European markets were up and the U.S. bourses were mixed, and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Monday following gains from the financial shares cement stocks, while the technology sector came in mixed.
For the day, the index advanced 50.74 points or 0.48 percent to finish at 10,651.11 after trading between 10,565.68 and 10,665.43 on turnover of 128.095 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company jumped 1.30 percent, while Catcher Technology advanced 1.07 percent, Largan Precision plummeted 4.19 percent, AU Optronics was unchanged, Hon Hai Precision eased 0.10 percent, Innolux picked up 0.39 percent, Asustek Computer shed 0.37 percent, Taiwan Cement perked 0.74 percent, Cathay Financial climbed 1.29 percent, Mega Financial collected 0.42 percent, Chang Hwa Commercial Bank jumped 1.22 percent and Fubon Financial added 0.79 percent.
The lead from Wall Street is murky as stocks turned mixed Monday after an initial move to the upside. The Dow reached a new record closing high, but the NASDAQ and the S&P 500 ended in the red.
The Dow rose 58.46 points or 0.24 percent to 24,290.05, but the NASDAQ tumbled 72.22 points or 1.05 percent to 6,775.37 and the S&P 500 edged down 2.78 points or 0.11 percent to 2,639.44.
Traders reacted to news that Senate Republicans narrowly approved a massive tax reform bill early Saturday morning. The Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote coming down along party lines.
The pullback by the NASDAQ partly reflected concerns that technology companies will not benefit as much from the tax cuts.
In economic news, the Commerce Department released a report showing a modest decrease in new orders for manufactured goods in October.
Crude oil futures fell Monday for the first time in three sessions as a strong dollar dented commodity prices. January WTI oil was down 89 cents or 1.5 percent to settle at $57.47/bbl.
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