Taiwan Stock Market Has Solid Lead For Tuesday's Trade

(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day losing streak in which it had tumbled almost 350 points or 2.2 percent. The Taiwan Stock Exchange now rests just beneath the 15,420-point plateau although it figures to open higher again on Tuesday.

The global forecast for the Asian markets is positive as financial institutions around the world continue to takes steps to head off more turmoil. The European and U. S. markets were up and the Asian bourses are tipped to follow that lead.

The TSE finished modestly lower on Nonday following losses from the technology and plastic stocks, while the financials were mixed and the cement companies were up.

For the day, the index dipped 32.99 points or 0.21 percent to finish at 15,419.97 after trading between 15,399.07 and 15,488.98.

Among the actives, Cathay Financial tumbled 1.95 percent, while Mega Financial improved 0.79 percent, CTBC Financial collected 0.72 percent, Fubon Financial shed 0.90 percent, First Financial lost 0.58 percent, E Sun Financial perked 0.21 percent, Taiwan Semiconductor Manufacturing Company skidded 1.16 percent, Hon Hai Precision dropped 0.97 percent, Largan Precision sank 0.89 percent, Catcher Technology slid 0.27 percent, MediaTek fell 0.39 percent, Delta Electronics added 0.35 percent, Novatek Microelectronics declined 1.04 percent, Formosa Plastics was down 0.77 percent, Nan Ya Plastics surrendered 1.44 percent, Asia Cement was up 0.12 percent, Taiwan Cement strengthened 1.37 percent and United Microelectronics Corporation was unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Monday but all eventually settled firmly in the green.

The Dow surged 382.60 points or 1.20 percent to finish at 32,244.58, while the NASDAQ rose 45.02 points or 0.39 percent to close at 11,675.54 and the S&P 500 added 34.93 points or 0.89 percent to end at 3,951.57.

The strength on Wall Street partly reflected a positive reaction to the latest efforts to address turmoil in the banking sector, including UBS Group's (UBS) state-backed acquisition of Credit Suisse (CS).

The Federal Reserve also announced it has joined with other central banks around to world to take coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

Traders were also looking ahead to the Fed's monetary policy announcement on Wednesday, with CME Group's FedWatch Tool currently indicating a 26.9 percent chance interest rates will remain unchanged and a 73.1 percent chance of a 25-basis point rate hike.

Crude oil prices moved higher on Monday to settle on a firm note, shrugging off concerns the banking chaos might lead to financial crisis or a recession. West Texas Intermediate Crude oil futures for April ended higher by $0.90 or 1.4 percent at $67.64 a barrel.