Taiwan stock market set to end losing streak
(RTTNews) – Taiwan’s stock market ended lower in three straight sessions, dropping more than 385 points or 2.2% along the way. The Taiwan Stock Exchange is now just above the plateau of 17,950 points, although it should stop the bleeding on Wednesday.
The global forecast for Asian markets is broadly positive on easing geopolitical concerns and bargain hunting. European and US markets ended solidly higher and Asian markets should open similarly.
The TSE ended slightly lower on Tuesday after losses from cement companies and mixed performance from financials and technology stocks.
For the day, the index slipped 45.86 points or 0.25% to end at 17,951.81 after trading between 17,942.68 and 18,085.91.
Among assets, Cathay Financial rose 0.16%, while Mega Financial fell 0.91%, CTBC Financial fell 1.75%, Fubon Financial collected 0.66%, First Financial fell 0.76%, E Sun Financial fell 0.33%, Taiwan Semiconductor Manufacturing Company lost 0.63%, United Microelectronics Corporation rose 0.94%, Largan Precision gained 0.45%, Catcher Technology and Delta Electronics both fell 0.98%, MediaTek lost 0.45%, Formosa Plastic fell 0.95%, Asia Cement fell 0.66%, Taiwan Cement slipped 0.32% and Hon Hai Precision has unchanged.
Wall Street’s lead is firm as major averages opened higher on Tuesday and remained that way throughout the session, ending solidly in the green.
The Dow Jones jumped 422.67 points or 1.22% to end at 34,988.84, while the NASDAQ jumped 348.84 points or 2.53% to end at 14,139.76 and the S&P 500 jumped 69.40 points or 1.58% to close at 4,471.07.
Wall Street’s rebound came amid easing geopolitical concerns following the news that Russia was withdrawing some troops from Ukraine’s border. Worries over a destabilizing conflict between Russia and Ukraine have weighed on stocks in recent sessions.
Meanwhile, traders largely ignored a Labor Department report showing U.S. producer prices jumped much more than expected in January.
Crude oil prices fell on Tuesday as worries about supply disruptions eased amid deescalating tensions between Russia and Ukraine. West Texas Intermediate crude oil futures for March ended down $3.39 or 3.6% at $92.07 a barrel.
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