Taiwan Stock Market May Add To Its Winnings On Wednesday

(RTTNews) - The Taiwan stock market on Tuesday snapped the two-day losing streak in which it had slumped more than 270 points or 1.3 percent. The Taiwan Stock Exchange now sits just beneath the 22,275-point plateau and it's expected to open to the upside again on Wednesday,

The global forecast for the Asian markets suggests mild upside, supported by oil companies and technology stocks. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the technology stocks, weakness from the plastics and a mixed picture from the financial sector.

For the day, the index improved 166.55 points or 0.75 percent to finish at 22,273.19 after trading between 22,228.68 and 22,414.02.

Among the actives, CTBC Financial and Mega Financial both shed 0.63 percent, while E Sun Financial skidded 1.00 percent, Taiwan Semiconductor Manufacturing Company jumped 1.85 percent, Hon Hai Precision strengthened 1.23 percent, Largan Precision rallied 2.26 percent, Catcher Technology fell 0.24 percent, MediaTek soared 3.04 percent, Novatek Microelectronics added 0.54 percent, Formosa Plastics slumped 1.03 percent, Nan Ya Plastics declined 1.38 percent, Asia Cement rose 0.22 percent and Cathay Financial, First Financial, Fubon Financial, United Microelectronics Corporation and Delta Electronics were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages hugged both sides of the line on Tuesday before a late push bumped them into the green at the close.

The Dow added 4.18 points or 0.01 percent to finish at 42,587.50, while the NASDAQ climbed 83.26 points or 0.46 percent to close at 18,271.86 and the S&P 500 rose 9.08 points or 0.16 percent to end at 5,776.65.

The choppy trading on Wall Street came amid ongoing uncertainty about President Donald Trump's tariff plans following recent reports he plans to take a more narrow approach to new tariffs.

Trump has recently made many conflicting remarks about his tariff plans, leading to considerable uncertainty on Wall Street.

Meanwhile, traders largely shrugged off a report from the Conference Board showing consumer confidence in the U.S. deteriorated by more than expected in the month of March.

Oil prices dipped on Tuesday on reports Russia and Ukraine have agreed to a partial ceasefire covering the Black Sea. West Texas Intermediate Crude oil futures for May closed lower by $0.11 at $69.00 a barrel.