Stock Market in Taiwan Could Prolong Current Winning Sequence
Taiwan Stock Exchange Index Climbs on Monday, Finance and Plastics Sectors Lead the Way
The Taiwan Stock Exchange Index (TSE) rose by 148.04 points, or 0.61%, closing at 24,482.52 on Monday, marking the third consecutive day of gains for the market.
The finance sector was a significant contributor to the rise, with Fubon Financial, First Financial, E Sun Financial, and Cathay Financial all showing positive movements. Fubon Financial and First Financial were down slightly on Friday but managed to recover, finishing the day up 0.33% and 0.53% respectively. E Sun Financial collected 0.30% on Friday, while Cathay Financial dipped 0.17% on the same day.
The plastics sector also performed well, with several companies posting notable gains. Notable among these was Delta Electronics, which rallied 2.25% on Friday.
However, the tech sector presented a mixed picture. While MediaTek, Hon Hai Precision, and Largan Precision all showed significant gains, with MediaTek rallying 2.92%, Hon Hai Precision increasing 1.45%, and Largan Precision adding 0.42%, other tech companies such as United Microelectronics Corporation, Catcher Technology, and Novatek Microelectronics all showed declines. United Microelectronics Corporation fell 1.94%, Catcher Technology declined 2.00%, and Novatek Microelectronics slipped 1.28%. Taiwan Semiconductor Manufacturing Company remained unchanged.
The rise in the TSE comes amidst uncertainty over the U.S.-Russia conflict over the war with Ukraine and the threat of sanctions on Russian oil exports. The Dow Jones Industrial Average shot up 1.4% for the week, while the S&P 500 surged 2.4% for the same period. The NASDAQ rallied 3.9% for the week, and the NYSE Arca Computer Hardware Index climbed by 1.4% on the day.
Crude oil posted very slight gains on Friday, with West Texas Intermediate crude for September up $0.03 or 0.05% to $63.91 per barrel.
Looking ahead, technology and financial shares are expected to lead the way higher in the Asian markets on Tuesday.
[1] Source: Bloomberg, Reuters
In the ongoing ascent of the Taiwan Stock Exchange Index (TSE), the finance sector and the plastics sector have played significant roles, with Fubon Financial, First Financial, E Sun Financial, Cathay Financial, Delta Electronics, and several other plastics sector companies showing positive movements. However, the tech sector presents a mixed picture, with companies like MediaTek, Hon Hai Precision, Largan Precision, and others showing gains, but United Microelectronics Corporation, Catcher Technology, Novatek Microelectronics, and others recording declines.
