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Taiwan Shares Set To Bounce Higher Again On Wednesday


(RTTNews) – The Taiwan stock market turned lower again on Tuesday, one session after halting the four-day losing streak in which it had lost more than 200 points or 1.7 percent. The Taiwan Stock Exchange now rests just above the 12,860-point plateau and it’s looking at a green light for Wednesday’s trade.

The global forecast for the Asian markets is mixed to higher on renewed optimism for economic stimulus in the face of the coronavirus pandemic. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished modestly lower on Tuesday following losses from the financial shares and cement companies, while the technology stocks were mixed.

For the day, the index sank 45.97 points or 0.36 percent to finish at 12,862.37 after trading between 12,862.37 and 12,917.75.

Among the actives, Cathay Financial collected 0.13 percent, while Mega Financial shed 0.36 percent, Fubon Financial eased 0.12 percent, First Financial lost 0.49 percent, E Sun Financial dipped 0.20 percent, Taiwan Semiconductor Manufacturing Company skidded 1.42 percent, United Microelectronics Corporation added 0.65 percent, Hon Hai Precision was up 0.12 percent, Largan Precision rose 0.16 percent, Catcher Technology sank 0.83 percent, MediaTek gained 0.72 percent, Formosa Plastic gained 0.51 percent, Asia Cement was down 0.49 percent, Taiwan Cement slid 0.25 percent and CTBC Financial and Formosa Chemical were unchanged.

The lead from Wall Street is positive as stocks opened higher on Tuesday, fell from afternoon highs but still ended solidly in the green – cutting into the previous session’s losses.

The Dow climbed 113.37 points or 0.40 percent to finish at 28,308.79, while the NASDAQ added 37.61 points or 0.33 percent to end at 11,516.49 and the S&P 500 gained 16.20 points or 0.47 percent to close at 3,443.12.

The rebound on Wall Street comes amid renewed optimism about lawmakers in Washington reaching an agreement on a new stimulus bill as Democrats and Republicans work to narrow their differences.

Reports that Moderna’s coronavirus vaccine could be available for emergency use in December if it gets positive results from its interim trial next month further aided sentiment.

Crude oil futures moved higher on Tuesday on expectations of a drop in U.S. crude inventories and that OPEC and its allies will scale back production. West Texas Intermediate Crude oil futures for December ended up $0.64 or 1.6 percent at $41.70 a barrel.

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