Taiwan Stock Market Overdue For Support On Tuesday

(RTTNews) - The Taiwan stock market has finished lower in four straight sessions, plunging more than 1,700 points or 7.6 percent along the way. The Taiwan Stock Exchange now sits just above the 22,250-point plateau although it's finally expected to open in the green on Tuesday.

The global forecast for the Asian markets is positive, with bargain hunting among the technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to follow suit.

The TSE finished sharply lower on Monday following heavy damage in the technology sectors, while the financials also were soft and the plastics came in mixed.

For the day, the index plummeted 612.27 points or 2.68 percent to finish at 22,256.99 after trading between 22,130.88 and 22,818.86.

Among the actives, Cathay Financial slumped 4.15 percent, while Mega Financial collected 0.47 percent, CTBC Financial shed 1.25 percent, First Financial slipped 0.51 percent, Fubon Financial skidded 4.07 percent, E Sun Financial sank 1.82 percent, Taiwan Semiconductor Manufacturing Company surrendered 3.20 percent, United Microelectronics Corporation tanked 3.28 percent, Hon Hai Precision plunged 5.64 percent, Largan Precision retreated 2.41 percent, Catcher Technology rallied 2.48 percent, MediaTek stumbled 2.78 percent, Delta Electronics plummeted 6.39 percent, Novatek Microelectronics declined 3.50 percent, Formosa Plastics perked 0.17 percent, Nan Ya Plastics lost 0.20 percent and Asia Cement eased 0.12 percent.

The lead from Wall Street is upbeat as the major averages opened higher and mostly stayed that way throughout the trading day.

The Dow climbed 127.91 points or 0.32 percent to finish at 40,415.44, while the NASDAQ surged 280.63 points or 1.58 percent to end at 18,007.57 and the S&P 500 rallied 59.41 points or 1.08 percent to close at 5,564.41.

The strength on Wall Street came as tech stocks regained ground following the steep drop seen last week, which saw the NASDAQ plunge by 3.7 percent. AI darling and tech sector leader Nvidia (NVDA) led the rebound, spiking 4.8 percent.

The advance by Nvidia also lent considerable strength to the semiconductor stocks, with the Philadelphia Semiconductor Index soaring 4.0 percent after ending last week at its lowest closing level in over a month.

Stocks also moved higher after President Joe Biden announced his decision to drop out of the presidential race and endorsed his Vice President Kamala Harris.

Crude oil futures eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.