Taiwan Stock Market May Add To Its Winnings On Wednesday

(RTTNews) - The Taiwan stock market bounced higher again on Tuesday, one day after snapping the five-day winning streak in which it had surged almost 1,200 points or 4.3 percent. The Taiwan Stock Exchange now sits just above the 27,560-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the markets higher. The European markets were mixed and little changed and the U.S. bourses were modestly higher and the Asian markets figure to split the difference.

The TSE finished modestly higher on Tuesday following gains from the financial shares and plastics companies, while the technology stocks were mixed.

For the day, the index jumped 221.74 points or 0.81 percent to finish at 27,564.27 after trading between 27,477.10 and 27,741.89.

Among the actives, Cathay Financial spiked 2.78 percent, while Mega Financial shed 0.25 percent, First Financial collected 1.09 percent, Fubon Financial rose 0.33 percent, E Sun Financial advanced 0.98 percent, Taiwan Semiconductor Manufacturing Company vaulted 1.42 percent, United Microelectronics Corporation rallied 1.51 percent, Largan Precision dipped 0.23 percent, Catcher Technology sank 0.74 percent, MediaTek stumbled 2.08 percent, Delta Electronics jumped 1.64 percent, Novatek Microelectronics strengthened 1.40 percent, Formosa Plastics soared 3.70 percent, Nan Ya Plastics surged 5.40 percent, Asia Cement fell 0.26 percent and Hon Hai Precision and CTBC Financial were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Tuesday and remained in the green throughout the session, although it was a choppy day.

The Dow climbed 185.13 points or 0.39 percent to finish at 47,474.46, while the NASDAQ jumped 137.75 points or 0.59 percent to close at 23,413.67 and the S&P 500 added 16.74 points or 0.25 percent to end at 6,829.37.

The strength on Wall Street came amid a strong rebound by Bitcoin, as the cryptocurrency soared by more than 6 percent after moving sharply lower on Monday. Bitcoin's rally along with an advance by AI darling Nvidia (NVDA) may have been an indication of renewed risk appetite.

Semiconductor stocks helped lead the markets higher, with the Philadelphia Semiconductor Index jumping by 1.8 percent. Considerable strength was also visible among computer stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Computer Hardware Index.

Crude oil prices gave ground on Tuesday as efforts to end the Russia-Ukraine conflict have sent positive signals of a ceasefire sooner than expected. West Texas Intermediate crude for January delivery was down $0.55 or 0.93 percent at $58.77 per barrel.