Taiwan Stock Market Due For Support On Tuesday

(RTTNews) - The Taiwan stock market has tracked lower in three straight sessions, sinking more than 770 points or 2.4 percent along the way. The Taiwan Stock Exchange now sits just above the 33,340-point plateau and it's expected to open in the green on Tuesday.

The global forecast for the Asian markets is upbeat on easing crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The TSE finished slightly lower on Monday following gains from the plastics and mixed performances from the financial shares and technology stocks.

For the day, the index shed 57.81 points or 0.17 percent to finish at 33,342.51 after trading between 33,278.06 and 33,765.81.

Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial collected 0.65 percent, First Financial dipped 0.17 percent, Fubon Financial was up 0.16 percent, E Sun Financial plunged 2.57 percent, Taiwan Semiconductor Manufacturing Company slumped 1.07 percent, United Microelectronics Corporation rallied 1.68 percent, Hon Hai Precision advanced 0.93 percent, Largan Precision retreated 1.71 percent, Catcher Technology climbed 1.08 percent, MediaTek lost 0.58 percent, Delta Electronics tumbled 1.81 percent, Novatek Microelectronics tanked 2.45 percent, Formosa Plastics spiked 2.97 percent, Nan Ya Plastics surged 6.83 percent, Asia Cement shed 0.43 percent and CTBC Financial was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day, snapping a four-day losing streak.

The Dow jumped 387.94 points or 0.83 percent to finish at 46,946.41, while the NASDAQ rallied 268.82 points or 1.22 percent to end at 22,374.18 and the S&P 500 spiked 67.19 points or 1.01 percent to close at 6,699.38.

The rebound on Wall Street came amid a sharp pullback by the price of crude oil after President Donald Trump called on other countries to help secure the Strait of Hormuz.

Crude oil prices slipped Monday as the blockade of the Strait of Hormuz showed mild signs of easing. West Texas Intermediate crude for April delivery was down $5.38 or 5.45 percent at $93.33 per barrel.

The pullback by oil prices helped ease recent inflation concerns, although the Federal Reserve is still widely expected to leave interest rates unchanged when it meets in the coming days.

In U.S. economic news, the Federal Reserve said that industrial production in the U.S. increased slightly more than expected in February.