Oversold Taiwan Bourse Called Lower Again

(RTTNews) - The Taiwan stock market has finished lower in four straight sessions, shedding almost 800 points or 3.6 percent in that span. The Taiwan Stock Exchange now sits just above the 22,070-point plateau and it figures to open under water again on Wednesday.

The global forecast for the Asian markets remains negative on concerns over tariff and on the health of the world's economy. The European and U.S. markets were down again and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply lower on Tuesday following losses from the financial shares, technology stocks and plastics companies.

For the day, the index plummeted 388.06 points or 1.73 percent to finish at 22,071.09 after trading between 21,769.57 and 22,140.39.

Among the actives, Mega Financial shed 0.63 percent, while First Financial fell 0.36 percent, Fubon Financial skidded 1.10 percent, Taiwan Semiconductor Manufacturing Company tanked 2.71 percent, United Microelectronics Corporation lost 0.44 percent, Hon Hai Precision stumbled 2.03 percent, Largan Precision slumped 1.13 percent, Catcher Technology sank 0.48 percent, MediaTek dropped 0.72 percent, Delta Electronics retreated 1.33 percent, Novatek Microelectronics declined 1,48 percent, Formosa Plastics eased 0.13 percent, Nan Ya Plastics dipped 0.30 percent, Asia Cement perked 0.23 percent and Cathay Financial, CTBC Financial and E Sun Financial were unchanged.

The lead from Wall Street remains soft as the major averages opened mixed but trended generally lower throughout the day before ending in the red.

The Dow tumbled 478.23 points or 1.14 percent to finish at 41,433.48, while the NASDAQ shed 32.23 points or 0.18 percent to close at 17,436.10 and the S&P 500 sank 42.49 points or 0.76 percent to end at 5,572.07.

Stocks tumbled as trade war concerns have escalated with the U.S. and Canada slapping tariffs on each other's goods.

Markets now await U.S. reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations this week for further direction.

Oil prices climbed higher on Tuesday, bouncing back fairly well on a weaker dollar after dropping to six-month lows in the previous session. West Texas Intermediate Crude oil futures for April added $0.22 or 0.3 percent at $66.25 a barrel.