Additional Support Predicted For Taiwan Shares

(RTTNews) - The Taiwan stock market on Tuesday ended the two-day slide in which it had fallen more than 200 points or 1.2 percent. The Taiwan Stock Exchange now sits just beneath the 16,310-point plateau and it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and earnings news. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The TSE finished modestly higher on Tuesday as gains from the financials were offset by weakness from the technology stocks.

For the day, the index added 58.40 points or 0.36 percent to finish at 16,309.76 after trading between 16,163.00 and 16,318.77.

Among the actives, Cathay Financial rose 0.11 percent, while Mega Financial collected 0.41 percent, CTBC Financial added 0.41 percent, E Sun Financial slid 0.42 percent, United Microelectronics Corporation shed 0.62 percent, Hon Hai Precision tanked 2.19 percent, Largan Precision dipped 0.25 percent, MediaTek lost 0.61 percent, Delta Electronics fell 0.48 percent, Novatek Microelectronics eased 0.23 percent, Formosa Plastics dropped 0.38 percent, Nan Ya Plastics declined 0.63 percent, Asia Cement improved 0.39 percent, Taiwan Cement sank 0.47 percent, China Steel slumped 0.84 percent and Taiwan Semiconductor Manufacturing Company, Catcher Technology, First Financial and Fubon Financial were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow jumped 204.97 points or 0.62 percent to finish at 33,141.38, while the NASDAQ gained 121.55 points or 0.93 percent to end at 13,139.88 and the S&P 500 added 30.64 points or 0.73 percent to close at 4,247.68.

The strength on Wall Street reflected a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results, including General Electric (GE), 3M Co. (MMM) and Coca-Cola (KO).

Crude oil prices fell sharply Tuesday, extending losses to a third straight session amid concerns about the outlook for energy demand, while the dollar's rally also weighed. West Texas Intermediate Crude oil futures for December sank $1.75 or 2.1 percent at $83.74 a barrel.