The Taiwan stock market has experienced gains for two consecutive sessions, accumulating nearly 300 points or 1.3 percent over this period. Currently, the Taiwan Stock Exchange is just below the 21,860-point mark, and it may encounter some resistance on Wednesday.
The outlook for Asian markets is mixed and largely flat, given the upcoming round of economic data and uncertainty surrounding interest rates. European markets declined, while U.S. markets showed mixed results, suggesting Asian markets may reflect a combination of these trends.
On Tuesday, the TSE showed modest gains, driven by technology stocks and mixed reactions in the financial and plastics sectors. The index rose by 54.64 points or 0.25 percent, closing at 21,858.41, after fluctuating between 21,812.20 and 21,937.40 throughout the day.
Among the key performers:
- Cathay Financial surged by 2.16 percent
- CTBC Financial fell by 2.13 percent
- First Financial dropped 0.88 percent
- Fubon Financial gained 0.41 percent
- E Sun Financial decreased by 0.87 percent
- TSMC shed 0.46 percent
- United Microelectronics declined by 0.35 percent
- Hon Hai Precision rose by 0.27 percent
- Largan Precision and Asia Cement each increased by 0.23 percent
- Catcher Technology climbed 1.11 percent
- MediaTek jumped by 1.95 percent
- Delta Electronics had a modest increase of 0.14 percent
- Novatek Microelectronics soared by 2.64 percent
- Formosa Plastics advanced by 0.90 percent
- Nan Ya Plastics slumped by 1.27 percent
- Taiwan Cement added 0.44 percent
- China Steel rallied by 1.26 percent
- Mega Financial remained unchanged
The Wall Street session contributed little certainty, as the primary averages had a mixed opening and concluded similarly.
- The Dow Jones Industrial Average dropped by 216.73 points or 0.55 percent, ending at 38,852.86
- The NASDAQ surged by 99.09 points or 0.59 percent, reaching a record 17,019.88
- The S&P 500 edged up by 1.32 points or 0.02 percent, finishing at 5,306.04
The NASDAQ's continued rise was largely fueled by a sharp increase in Nvidia (NVDA) shares, which surged 7.1 percent to a record high. Conversely, a significant dip in Merck (MRK) shares impacted the Dow, with the pharmaceuticals giant falling by 2.6 percent to its lowest closing level in over a month.
In U.S. economic news, the Conference Board reported a notable improvement in consumer confidence for May, which exceeded expectations.
Oil prices rose on Tuesday due to optimism about increased demand during the U.S. driving season and expectations that OPEC will extend production cuts into the next quarter. Specifically, West Texas Intermediate Crude oil futures for July increased by $2.11 or 2.7 percent, closing at $79.83 per barrel.
