Taiwan Stock Market May Reverse Monday's Losses

The Taiwan stock market on Monday halted the two-day winning streak in which it had gathered more than 200 points or 1.2 percent. The Taiwan Stock Exchange now sits just beneath the 17,450-point plateau although it's likely to rebound on Tuesday.

The global forecast for the Asian markets suggests mild upside, supported mainly by crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished slightly lower on Monday as losses from the technology stocks were mitigated by support from the financial shares and cement companies.

For the day, the index dipped 28.26 points or 0.16 percent to finish at 17,446.31 after trading between 17,387.57 and 17,482.57.

Among the actives, Cathay Financial climbed 1.18 percent, while Mega Financial shed 0.46 percent, CTBC Financial was up 0.22 percent, Fubon Financial surged 4.90 percent, First Financial collected 0.44 percent, Taiwan Semiconductor Manufacturing Company skidded 1.13 percent, United Microelectronics Corporation tanked 2.05 percent, Hon Hai Precision retreated 1.39 percent, Largan Precision advanced 0.98 percent, Catcher Technology dropped 0.93 percent, MediaTek rose 0.22 percent, Delta Electronics tumbled 2.04 percent, Formosa Plastic perked 1.31 percent, Asia Cement rallied 2.11 percent, Taiwan Cement spiked 2.24 percent and E Sun Financial was unchanged.

The lead from Wall Street is mixed as the major averages opened higher on Monday, although the NASDAQ quickly slipped into the red and finished that way. The Dow and the S&P went on to halt five-session slides.

The Dow jumped 261.91 points or 0.76 percent to finish at 34,869.63, while the NASDAQ dipped 9.91 points or 0.07 percent to close at 15,105.58 and the S&P 500 rose 10.15 points or 0.23 percent to end at 4,468.73.

The strength on Wall Street came as traders went bargain hunting following the downward move seen over the past several sessions.

However, the looming Federal Reserve meeting made traders reluctant to make significant moves, with the central bank potentially providing an update on the outlook for its asset purchase program.

The Fed's two-day monetary policy meeting is scheduled for next week, but recent signs of slowing economic momentum could lead the central bank to hold off on discussing tapering.

The price of crude oil showed a notable move to the upside during trading on Monday, reflecting lingering concerns about U.S. supply. After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.

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