Rebound Predicted For Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Monday ended the five-day winning streak in which it had jumped more than 770 points or 3.4 percent. The Taiwan Stock Exchange now rests just beneath the 23,530-point plateau although it may bounce higher again on Tuesday.

The global forecast for the Asian markets is positive, mostly on inertia following the U.S. election. 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 losses from the financial shares and plastics companies, while the technology sector was mixed.

For the day, the index dipped 24.25 points or 0.10 percent to finish at 23,529.64 after trading between 23,306.66 and 23,563.80.

Among the actives, Cathay Financial shed 0.51 percent, while Mega Financial collected 0.26 percent, CTBC Financial eased 0.16 percent, First Financial dipped 0.19 percent, Fubon Financial slumped 1.29 percent, Taiwan Semiconductor Manufacturing Company lost 0.46 percent, United Microelectronics Corporation fell 0.21 percent, Hon Hai Precision advanced 0.92 percent, Catcher Technology rallied 2.09 percent, MediaTek climbed 1.17 percent, Delta Electronics rose 0.24 percent, Novatek Microelectronics strengthened 1.54 percent, Formosa Plastics stumbled 2.52 percent, Nan Ya Plastics skidded 1.05 percent, Asia Cement tanked 2.31 percent and Largan Precision and E Sun Financial were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Monday and spent most of the day hugging line before finishing with mild gains that were all fresh record closing highs.

The Dow jumped 304.14 points or 0.69 percent to finish at 44,294.13, while the NASDAQ rose 11.99 points or 0.06 percent to close at 19,298.76 and the S&P 500 added 5.81 points or 0.10 percent to end at 6,001.35.

Investors remained optimistic that Donald Trump's policies such as tax reductions and deregulation will help boost corporate earnings.

Oil futures closed sharply lower on Monday, weighed down by a stronger dollar and concerns about demand. West Texas Intermediate Crude oil futures for December ended down $2.34 or 3.6 percent at $68.04 a barrel.