Taiwan Shares May Bounce Higher Again On Tuesday

(RTTNews) - The Taiwan stock market turned lower again on Monday, one session after ending the four-day losing streak in which it had tumbled almost 850 points or 3.6 percent. The Taiwan Stock Exchange now rests just beneath the 22,550-point plateau and it may see additional support on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside.

The TSE finished modestly lower on Monday following mixed performances from the financial shares and the technology companies.

For the day, the index dropped 196.23 points or 0.86 percent to finish at 22,546.54 after trading between 22,503.69 and 22,781.77. Among the actives, Cathay Financial rose 0.15 percent, while Mega Financial collected 1.15 percent, First Financial improved 1.28 percent, Fubon Financial retreated 1.32 percent, E Sun Financial climbed 1.12 percent, Taiwan Semiconductor Manufacturing Company dropped 0.97 percent, United Microelectronics Corporation perked 0.22 percent, Hon Hai Precision tanked 2.17 percent, Largan Precision stumbled 3.10 percent, Catcher Technology increased 1.24 percent, MediaTek surrendered 2.36 percent, Delta Electronics was up 0.13 percent, Novatek Microelectronics strengthened 1.44 percent, Formosa Plastics surged 5.98 percent, Nan Ya Plastics soared 4.21 percent, Asia Cement slumped 2.06 percent and CTBC Financial was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened on opposite sides of the line on Monday and maintained a fairly narrow trading range before ending mixed.

The Dow shed 55.39 points or 0.13 percent to finish at 43,389.60, while the NASDAQ climbed 111.69 points or 0.60 percent to close at 18,791.81 and the S&P 500 added 23.00 points or 0.39 percent to end at 5,893.62.

The strength on Wall Street reflected bargain hunting as traders look to pick up stocks at reduced levels following last week's steep drop amid concerns about the outlook for interest rates.

In U.S. economic news, the National Association of Home Builders said homebuilder confidence has improved much more than anticipated in November, hitting its highest level since April.

Oil prices climbed higher on Monday on concerns about likely shortage in supplies due to an escalation in Russia - Ukraine war, while a weaker dollar also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures for December closed higher by $2.14 or 3.2 percent at 69.16 a barrel.

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