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Rebound Expected For Taiwan Stock Market

The Taiwan stock market headed south again on Tuesday, one session after it had ended the three-day slide in which it had stumbled more than 340 points or 3.7 percent. The Taiwan Stock Exchange now rests just above the 9,560-point plateau although it figures to see renewed support on Wednesday.

The global forecast for the Asian markets is positive on trade optimism and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The TSE finished slightly lower on Tuesday following losses from the financial shares, technology stocks and cement companies.

For the day, the index shed 26.70 points or 0.28 percent to finish at 9,563.60 after trading between 9,547.63 and 9,600.94 on turnover of 77.16 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.94 percent, while United Microelectronics Corporation dipped 0.45 percent, Hon Hai Precision skidded 1.01 percent, Largan Precision jumped 1.29 percent, AU Optronics added 0.41 percent, Catcher Technology tumbled 2.60 percent, Asia Cement slid 0.57 percent, Taiwan Cement tumbled 1.25 percent, Formosa Plastics spiked 2.51 percent, Mega Financial fell 0.39 percent, Fubon Financial shed 0.54 percent, CTBC Financial lost 0.75 percent, Cathay Financial eased 0.11 percent and AsusTek Computer was unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Tuesday; they gave back some of those gains as the day progressed but still ended firmly in the green.

The Dow added 256.10 points or 1.09 percent to 23,787.45, while the NASDAQ gained 73.53 points or 1.08 percent to 6,897.00 and the S&P rose 24.72 points or 0.97 percent to 2,574.41.

Optimism about trade talks between the U.S. and China contributed to the early rally on Wall Street amid a second day of meetings between U.S. and Chinese officials.

A quiet day on the U.S. economic front also kept some traders on the sidelines amid the ongoing government shutdown.

Crude oil prices moved up sharply on Tuesday, extending gains to a seventh successive session on optimism about U.S.-China trade discussions and reports of output cuts by oil producers. Crude oil futures for February were up $1.26 or 2.6 percent at $49.78 a barrel.

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