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Taiwan Stock Market May Extend Tuesday's Gains

The Taiwan stock market on Tuesday halted the two-day slide in which it had stumbled more than 175 points or 1.6 percent. The Taiwan Stock Exchange now rests just beneath the 11,665-point plateau and it's predicted to open slightly higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The TSE finished modestly higher on Tuesday following gains from the financial shares and technology stocks.

For the day, the index climbed 89.97 points or 0.78 percent to finish at 11,664.04 after trading between 11,614.25 and 11,678.58.

Among the actives, Mega Financial collected 0.31 percent, while CTBC Financial added 0.22 percent, Fubon Financial soared 1.88 percent, First Financial rose 0.21 percent, E Sun Financial was up 0.17 percent, Cathay Financial and United Microelectronics Corporation both jumped 1.83 percent, Taiwan Semiconductor Manufacturing Company climbed 1.22 percent, Hon Hai Precision advanced 1.10 percent, Largan Precision skidded 1.26 percent, Catcher Technology accelerated 1.73 percent, MediaTek spiked 2.63 percent, Asia Cement gained 0.44 percent, Taiwan Cement gathered 0.47 percent and Formosa Plastic fell 0.32 percent.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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