Taiwan Shares Tipped To Open In The Green

(RTTNews) - The Taiwan stock market has moved lower in two straight sessions, falling more than 175 points or 1.1 percent along the way. The Taiwan Stock Exchange now sits just above the 16,650-point plateau although it's expected to open higher on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The TSE finished modestly lower on Monday as losses from the technology and plastic sectors were mitigated by support from the financial shares.

For the day, the index sank 130.33 points or 0.78 percent to finish at 16,652.24 after trading between 16,614.10 and 16,712.93.

Among the actives, Cathay Financial added 0.44 percent, while Mega Financial collected 0.78 percent, CTBC Financial improved 0.80 percent, First Financial perked 0.19 percent, Fubon Financial was up 0.16 percent, E Sun Financial gathered 0.20 percent, Taiwan Semiconductor Manufacturing Company declined 1.45 percent, United Microelectronics Corporation rose 0.32 percent, Hon Hai Precision shed 0.47 percent, Largan Precision tumbled 2.30 percent, Catcher Technology tanked 2.43 percent, MediaTek dipped 0.24 percent, Delta Electronics skidded 1.07 percent, Novatek Microelectronics slumped 1.15 percent, Formosa Plastics eased 0.25 percent, Nan Ya Plastics fell 0.30 percent, Asia Cement increased 0.25 percent, Taiwan Cement lost 0.59 percent and China Steel sank 0.40 percent.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.