Taiwan Stock Market May See Renewed Selling Pressure
(RTTNews) - The Taiwan stock market bounced higher again on Tuesday, one day after ending the four-day winning streak in which it had rallied more than 1,550 points or 3.4 percent. The Taiwan Stock Exchange now sits just beneath the 46,950-point plateau although it hay hand those gains back on Wednesday.
The global forecast for the Asian markets is weak on rising hostilities in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The TSE finished sharply higher on Tuesday following gains from the financial shares and technology stocks.
For the day, the index rallied 820 points or 1.78 percent to finish at the daily high of 46,948.72 after moving as low as 46,081.11.
The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained firmly under water throughout the trading day.
The Dow dropped 419.02 points or 0.79 percent to finish at 52,766.88, while the NASDAQ sank 271.12 points or 1.03 percent to end at 26,099.77 and the S&P 500 lost 54.67 points or 0.71 percent to close at 7,631.47.
The continued weakness on Wall Street came after U.S. Central Command announced a fresh wave of attacks against Iran, striking Islamic Revolutionary Guard Corps targets.
Crude oil prices have surged in reaction to the latest attack, renewing concerns about inflation and the outlook for interest rates.
Crude oil prices surged on Tuesday after the U.S. launched another fresh wave of attacks on Iran following the recent exchange of strikes over the weekend. West Texas Intermediate crude for October delivery was up $4.27 or 4.98 percent at $90.03 per barrel.
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