Taiwan Stock Market May Add To Its Winnings On Wednesday

(RTTNews) - The Taiwan stock market on Tuesday snapped the four-day losing streak in which it had tumbled more than 760 points or 6.4 percent. The Taiwan Stock Exchange now rests just above the 13,825-point plateau and it's tipped to open slightly higher again on Wednesday,

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

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

For the day, the index added 48.40 points or 0.35 percent to finish at 13,826.59 after trading between 13,732.32 and 13,862.84.

Among the actives, Cathay Financial retreated 1.33 percent, while Mega Financial plunged 2.70 percent, CTBC Financial tanked 2.35 percent, Fubon Financial tumbled 1.89 percent, First Financial strengthened 1.33 percent, E Sun Financial sank 0.76 percent, Taiwan Semiconductor Manufacturing Company rose 0.34 percent, United Microelectronics Corporation climbed 1.22 percent, Hon Hai Precision shed 0.48 percent, Largan Precision jumped 1.90 percent, Catcher Technology added 0.59 percent, MediaTek eased 0.18 percent, Delta Electronics gained 0.58 percent, Formosa Plastics dropped 0.93 percent, Asia Cement fell 0.49 percent, Taiwan Cement dipped 0.14 percent and Nan Ya Plastics was unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.