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Taiwan Shares Inherit Positive Lead For Wednesday

The Taiwan stock market gave up less than a single point on Tuesday - but that was enough to halt the eight-day winning streak in which it had surged almost 600 points or 5.7 percent. The Taiwan Stock Exchange rests just beneath the 10,915-point plateau although it's expected to bounce higher again on Wednesday.

The global forecast for the Asian markets is firm, thanks to another jump in the price of crude oil. The European and U.S. markets were up, and the Asian markets figure to follow that lead.

The TSE finished barely lower on Tuesday as losses from the technology and steel stocks were offset by support from the plastic and cement companies.

For the day, the index eased 0.86 points or 0.01 percent to finish at 10,914.89 after trading between 10,860.77 and 10,931.00 on turnover of 129.95 billion Taiwan dollars.

Among the actives, Taiwan Steel skidded 1.19 percent, while Largan Precision plummeted 4.71 percent, AU Optronics tumbled 1.98 percent, Catcher Technology advanced 0.76 percent, Nan Ya Plastics soared 2.77 percent, Taiwan Cement added 0.26 percent, Formosa Plastics spiked 3.02 percent, Cathay Financial collected 0.18 percent, Mega Financial shed 0.60 percent and China Steel, Fubon Financial, Hon Hai Precision and Taiwan Semiconductor Manufacturing Company all were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday as the major averages again climbed to new record closing highs.

The Dow rose 102.80 points or 0.41 percent to 25,385.80, while the NASDAQ inched up 6.19 points or 0.09 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.13 percent to 2,751.29.

Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength in the overseas markets also contributed to buying interest.

Traders may have been reluctant to make significant moves ahead of earnings season, which start Friday with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC).

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. February WTI oil gained $1.23 or 2 percent to $62.96/bbl, the highest finish since December 2014.

by RTT Staff Writer

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