(RTTNews.com) – The Taiwan stock market has finished lower in back-to-back sessions, tumbling almost 100 points or 1 percent in that span. The Taiwan Stock Exchange settled just above the 9,600-point plateau, and the market figures to find traction on Tuesday.
The global forecast for the Asian markets is upbeat following MA news and mixed economic data. The European markets were mixed but little changed, and the U.S. markets were firmly higher – and the Asian bourses are also tipped to open in the green.
The TSE finished modestly lower on Monday, bumped into the red by weakness from the technology stocks and financial shares.
For the day, the index lost 20.74 points or 0.21 percent to finish at 9,601.36 after trading between 9,588.36 and 9,690.43 on volume of 91.11 billion Taiwan dollars.
The lead from Wall Street is positive as stocks rallied despite a mixed batch of economic news, with the tech-heavy NASDAQ closing above 5,000 for the first time in fifteen years
The NASDAQ finished up 44.57 points or 0.9 percent at 5,008.10, just off an all-time intraday high. The SP 500 added 12.89 points, or 0.6 percent to 2,117.39, a fresh all-time high. The Dow jumped 155.93 points or 0.9 percent to 18,288.63, also a record high.
While gauges of most sectors were positive, oil stocks struggled, as reflected in a 2.4 percent drop in the PHLX Oil Service Index.
In economic news, new data showed that personal income rose in January, although spending unexpectedly declined. Also, the Institute for Supply Management said that U.S. manufacturing activity growth slipped to its lowest in 13 months, while construction spending unexpectedly fell in January.
Traders also weighed a flurry of merger news as NXP Semiconductors reached a deal to acquire Freescale Semiconductor for $11.8 billion. Also, PayPal, the online payment unit of Ebay, agreed to buy mobile payment company Paydiant for $280 million.
Closer to home, Taiwan will release January data for export orders later today, with forecasts suggesting an increase of 9.7 percent on year – up from 4.5 percent in December.
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