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Taiwan Stock Market May Add To Its Winnings

The Taiwan stock market on Tuesday finally halted the four-day losing streak in which it had tumbled almost 300 points or 2.7 percent. The Taiwan Stock Exchange now rests just above the 10,750-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The TSE finished slightly higher on Tuesday following gains from the financials and a mixed picture from the technology and cement stocks.

For the day, the index collected 26.50 points or 0.25 percent to finish at 10,752.30 after trading between 10,669.59 and 10,765.42 on turnover of 123.83 billion Taiwan dollars.

Among the actives, Taiwan Steel Union picked up 0.47 percent, while China Steel dipped 0.20 percent, Chunghwa Telecom jumped 1.38 percent, Uni-President Enterprises advanced 1.45 percent, CTBC Financial perked 0.70 percent, Cathay Financial slid 0.79 percent, Yuanta Financial spiked 2.01 percent, Mega Financial gained 0.78 percent, Fubon Financial collected 0.81 percent, Taiwan Semiconductor Manufacturing Company skidded 1.70 percent, Largan Precision shed 0.46 percent, Hon Hai Precision soared 3.46 percent and Catcher Technology added 0.43 percent.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

by RTTNews Staff Writer

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