Tech Shares May Weigh On Taiwan Stock Market

(RTTNews) - The Taiwan stock market bounced higher again on Tuesday, one session after ending the four-day winning streak in which it had spiked more than 760 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 23,380-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is murky amid concerns about interest rates and the possibility of a trade war. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets may split the difference.

The TSE finished modestly higher on Tuesday following gains from the technology stocks and mixed performances from the financials and plastics companies.

For the day, the index advanced 131.91 points or 0.57 percent to finish at 23,384.05 after trading between 23,289.76 and 23,485.51.

Among the actives, Mega Financial shed 0.52 percent, while First Financial dipped 0.18 percent, Fubon Financial collected 0.43 percent, Taiwan Semiconductor Manufacturing Company added 0.45 percent, United Microelectronics Corporation gained 0.50 percent, Hon Hai Precision spiked 2.87 percent, Catcher Technology rose 0.25 percent, MediaTek rallied 2.03 percent, Delta Electronics sank 0.62 percent, Formosa Plastics strengthened 1.34 percent, Nan Ya Plastics eased 0.17 percent and Asia Cement, Cathay Financial, CTBC Financial, E Sun Financial, Largan Precision and Novatek Microelectronics were unchanged.

The lead from Wall Street provides little clarity as the major averages opened slightly lower but then headed in opposite directions to finish the day mixed.

The Dow gained 123.24 points or 0.28 percent to finish at 44,593.65, while the NASDAQ sank 70.41 points or 0.36 percent to close at 19,643.86 and the S&P 500 rose 2.06 points or 0.03 percent to end at 6,068.50.

The choppy trading on Wall Street came as traders digested congressional testimony by Federal Reserve Chair Jerome Powell, who told the Senate Banking Committee the central bank does "not need to be in a hurry" to adjust its policy stance.

Stocks moved to the downside in early trading amid lingering concerns about a global trade war after President Donald Trump officially announced tariffs on U.S. steel and aluminum imports.

Oil prices moved higher Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, while a weaker dollar contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for March rose $1.00 or 1.4 percent at $73.32 a barrel.