Taiwan Stock Market May Test Resistance At 10500 – Markets Insider

(RTTNews) – The Taiwan stock market has moved higher in consecutive trading days, gathering almost 15 points or 0.1 percent in that span. The Taiwan Stock Exchange now rests just above the 10,435-point plateau and it may find additional support again on Wednesday.

The global forecast for the Asian markets suggests mild upside following mixed economic data and a decline in crude oil prices. The European and U.S. markets were up, and the Asian markets figure to follow that lead.

The TSE finished slightly higher on Tuesday as gains from the steel companies were tempered by a mixed bag from the technology stocks and weakness from the financials.

For the day, the index added 9.96 points or 0.10 percent to finish at 10,437.29 after trading between 10,408.53 and 10,470.03 on turnover of 110.17 billion Taiwan dollars.

Among the actives, MediaTek surged by the 10 percent daily limit, while Taiwan Semiconductor Manufacturing Company skidded 1.17 percent, Hon Hai Precision shed 0.85 percent, Largan Precision eased 0.18 percent, Catcher Technology surged 5.19 percent, China Steel climbed 1.41 percent, Cathay Financial lost 0.41 percent, Fubon Financial dipped 0.21 percent and Taiwan Cement and Mega Financial were unchanged.

The lead from Wall Street is cautiously optimistic as stocks moved mostly higher on Tuesday, prompting the Dow to touch a fresh record closing high.

The Dow climbed 72.80 points or 0.3 percent to 21,963.92, while the NASDAQ added 14.81 points or 0.2 percent to 6,362.94 and the S&P 500 rose 6.05 points or 0.2 percent to 2,476.35.

The strength came as traders digested the latest batch of earnings news, with most corporate results beating estimates. But trading activity was subdued ahead of the release of the monthly jobs report on Friday.

In economic news, the Commerce Department said U.S. personal income came in unchanged in June, while real spending was nearly unchanged. Also, the Institute for Supply Management noted a slowdown in the pace of growth in the manufacturing sector in July.

Crude oil futures fell Tuesday, unable to hold the $50 a barrel mark after a report said OPEC produce rose in June despite the cartel’s supply quota plan. Nymex September oil futures ended lower by $1 or 2 percent at $49.16 a barrel.

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