Taiwan Stock Market May Stop The Bleeding On Tuesday

(RTTNews) - The Taiwan stock market has moved lower in three straight sessions, sinking almost 1,200 points or 3.7 percent along the way. The Taiwan Stock Exchange now sits just above the 31,620-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is positive on decent economic data, although weakness among the oil stocks may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

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

For the day, the index dropped 439.72 points or 1.37 percent to finish at 31,624.03 after trading between 31,359.95 and 32,008.46.

Among the actives, First Financial shed 0.52 percent, while Fubon Financial lost 0.44 percent, E Sun Financial fell 0.30 percent, Taiwan Semiconductor Manufacturing Company sank 0.56 percent, Hon Hai Precision and United Microelectronics Corporation both stumbled 2.72 percent, Largan Precision tanked 2.28 percent, Catcher Technology dipped 0.25 percent, MediaTek plunged 3.13 percent, Delta Electronics crashed 3.69 percent, Novatek Microelectronics tumbled 1.73 percent, Formosa Plastics plummeted 6.34 percent, Nan Ya Plastics cratered 6.98 percent, Asia Cement slumped 1.56 percent and Cathay Financial, Mega Financial and CTBC Financial were unchanged.

The lead from Wall Street is upbeat as the major averages opened flat but quickly tracked to the upside and spent the balance of the day in the green.

The Dow jumped 515.19 points or 1.05 percent to finish at 49,407.66, while the NASDAQ added 130.29 points or 0.56 percent to end at 23,592.11 and the S&P 500 gained 37.41 points or 0.54 percent to close at 6,976.44.

The strength on Wall Street followed the release of a report from the Institute for Supply Management showing manufacturing activity in the U.S. unexpectedly expanded for the first time in 12 months in January.

The markets saw continued strength after President Donald Trump announced that he has reached a trade deal with India.

But traders seemed somewhat reluctant to make more significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

Crude oil prices tumbled on Monday as signs of de-escalation of the U.S.-Iran conflict reduced supply-output concerns in the Middle East, taking off the geopolitical risk premium. West Texas Intermediate crude for March delivery was down $3.28 or 5.03 percent at $61.93 per barrel.