Taiwan Shares May See Technical Rebound On Wednesday

(RTTNews) - The Taiwan stock market has finished brutally lower in two straight sessions, plummeting almost 2,850 points or 13 percent in that span. The Taiwan Stock Exchange now rests just above the 18,450-point plateau although it's due for support on Wednesday.

The global forecast suggests volatility, with wild swings on deeply discounted stocks tempered by ongoing trade concerns. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The TSE finished sharply lower again amidst great volatility on Tuesday following losses among the technology stocks, while the plastics were up and the financial sector was mixed.

For the day, the index plunged 772.40 points or 4.02 percent to finish at 18,459.95 after trading between 18,180.48 and 19,064.47.

Among the actives, Cathay Financial dipped 0.16 percent, while Mega Financial surged 7.59 percent, CTBC Financial declined 1.51 percent, First Financial soared 5.53 percent, Fubon Financial slumped 1.27 percent, E Sun Financial collected 1.33 percent, Taiwan Semiconductor Manufacturing Company stumbled 3.77 percent, United Microelectronics Corporation climbed 2.33 percent, Hon Hai Precision crashed 9.75 percent, Largan Precision plummeted 9.98 percent, Catcher Technology sank 0.76 percent, MediaTek retreated 2.70 percent, Delta Electronics plunged 8.41 percent, Novatek Microelectronics shed 0.63 percent, Formosa Plastics jumped 1.89 percent, Nan Ya Plastics spiked 1.94 percent and Asia Cement rallied 3.06 percent.

The lead from Wall Street suggests further consolidation as the major averages opened in the green on Tuesday but faded as the day progressed, ending firmly under water.

The Dow stumbled 320.01 points or 0.84 percent to finish at 37,645.69, while the NASDAQ plunged 335.35 points or 2.15 percent to close at 15,267.91 and the S&P 500 dropped 79.48 points or 1.57 percent to end at 4,982.77.

The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war.

Buying waned over the course of the session, however, as tensions over tariffs continue to rise between the U.S. and China.

After showing a strong move to the upside early in the session, the price of crude oil once again came under pressure over the course of the trading day on Tuesday. West Texas Intermediate for May delivery tumbled $1.12 or 1.9 percent to $59.58 a barrel, its lowest level since April 2021.