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Strong Start Seen For Taiwan Shares 11 days ago
(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes over the last four sessions, since the end of the six-day losing streak that had cost it more than 440 points or 4.5 percent on its way to a fresh one-month closing low. The Taiwan Stock Exchange ended just below the 7,540-point plateau, and now investors are looking for continued gains when the market opens for business on Tuesday.
The global forecast for the Asian markets is firmly positive, thanks to a fresh record high in the price of gold and a modest recovery in the price of oil. Financials, property stocks and telecoms also are expected to provide support. The European and U.S. markets finished solidly higher, and the Asian markets are also tipped to extend recent gains.
The TSE finished sharply higher on Monday, riding a surge of support from the financials - while the technology stocks also were mostly higher.
For the day, the index climbed 73.65 points or 0.99 percent to finish at 7,536.70 after trading between 7,512.50 and 7,562.59 on turnover of 77 billion Taiwan dollars.
Among the actives, Cathay Financial added 2.38 percent, while Taiwan Cement gained 0.86 percent, China Petrochemical climbed 3.2 percent, HTC was up 2.04 percent, AU Optronics collected 0.67 percent and Chi Mei Optoelectronics eased 0.59 percent.
The lead from Wall Street is sharply higher as stocks staged a substantial rally during trading on Monday, with the major averages seeing some further upside after recent gains. With the upward move, the Dow ended the session at its best closing level in over a year.
The strength in the markets was partly due to optimism generated by indications from the G20 finance ministers that their economic stimulus measures will remain in place until the global economic recovery is assured.
With no first tier economic data on the day, traders looked to some corporate news to guide some of their moves.
British chocolate giant Cadbury Plc (CBY) rejected the latest purchase offer from Kraft Foods (KFT), calling the proposal 'derisory' and noting it is worse than a previous offer due to the drop in the Kraft share price since September.
Earlier in the day, Dish Network (DISH) reported third quarter net income of $81 million, compared with $92 million in the corresponding period in 2008. Total revenue was $2.892 billion, down 1.5 percent from $2.937 billion in the year-ago quarter. Nonetheless, the stock rose by 5.2 percent, reaching its highest closing level in over a year.
In other news, defense contractor Northrop Grumman (NOC) announced that it has agreed to sell its advisory services business TASC, Inc. to a consortium led by General Atlantic LLC and affiliates of Kohlberg Kravis Roberts for $1.65 billion in cash. Shares of Northrop Grumman rose 3 percent, also reaching a one-year closing high.
The major averages continued to perform well going into the close, ending the session at or near their best levels of the day. The Dow rose by 203.52 points or 2 percent to 10,226.94, the NASDAQ gained 41.62 points or 2 percent to close at 2,154.06, and the S&P 500 rose by 23.78 points or 2.2 percent at 1,093.08.
In economic news, Taiwan's exports declined 4.7 percent in October from the previous year to US$19.82 billion, the Ministry of Finance said on Monday. However, the decline seen in October was smaller than September's 12.7 percent fall.
At the same time, imports slipped 6.7 percent annually, much slower than the 21.1 percent decline seen in September. The trade surplus came in at US$3.23 billion, compared to US$2.55 billion in the prior month.
During January to October, exports dropped 27.3 percent to US$61.59 billion and imports plunged 35.2 percent to US$75.13 billion, resulting in a surplus of US$13.53 billion.
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