Taiwan Stock Market Tipped To End Losing Streak

(RTTNews) - The Taiwan stock market has finished lower in two straight sessions, sinking more than 230 points or 1.8 percent along the way. The Taiwan Stock Exchange now rests just above the 13,300-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat, supported by bargain hunting, rising oil prices and falling treasury yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished modestly lower on Monday following losses from the financial shares, technology stocks and cement companies.

For the day, the index dropped 124.10 points or 0.92 percent to finish at 13,300.48 after trading between 13,273.48 and 13,440.23.

Among the actives, Cathay Financial surrendered 2.38 percent, while Mega Financial retreated 1.61 percent, CTBC Financial lost 0.76 percent, Fubon Financial declined 2.00 percent, First Financial weakened 1.35 percent, E Sun Financial slumped 1.55 percent, Taiwan Semiconductor Manufacturing Company skidded 1.18 percent, United Microelectronics Corporation dropped 1.12 percent, Hon Hai Precision sank 0.98 percent, Largan Precision tanked 2.39 percent, Catcher Technology tumbled 2.03 percent, MediaTek shed 0.54 percent, Delta Electronics fell 0.40 percent, Formosa Plastics eased 0.12 percent, Nan Ya Plastics jumped 1.20 percent, Asia Cement slid 1.02 percent and Taiwan Cement dipped 0.33 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and accelerated as the session progressed, ending near daily highs.

The Dow surged 765.38 points or 2.66 percent to finish at 29,490.89, while the NASDAQ soared 239.82 points or 2.27 percent to end at 10,815.43 and the S&P 500 jumped 92.81 points or 2.59 percent to close at 3,678.43.

The rally on Wall Street was largely due to hectic bargain hunting after recent sharp losses. Data showing that U.S. manufacturing activity slowed to its weakest pace in 30 months also helped ease concerns about aggressive monetary tightening by the Federal Reserve.

Also boosting stocks, the U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

Crude oil prices rose sharply on Monday amid speculation that OPEC will discuss cutting crude output at their upcoming meeting on Wednesday. West Texas Intermediate Crude oil futures for November ended higher by $4.14 or 5.2 percent at $83.63 a barrel.