Taiwan Shares Predicted To Open To The Upside

(RTTNews) - The Taiwan stock market on Tuesday wrote a finish to the two-day slide in which it had crashed more than 1,810 points or 8.4 percent. The Taiwan Stock Exchange now sits just above the 20,500-point plateau and it's expected to add to its winnings on Wednesday.

The global forecast for the Asian markets is cautiously optimistic after recent volatility, with bargain hunting expected. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.

The TSE finished sharply higher with broadly based gains on Tuesday as it tried to recover from Tuesday's selloff.

For the day, the index surged 670.14 points or 3.38 percent to finish at 20,501.02 after trading between 19,662.74 and 20,751.50.

Among the actives, Cathay Financial added 0.90 percent, while Mega Financial strengthened 2.20 percent, CTBC Financial collected 2.02 percent, First Financial perked 0.53 percent, Fubon Financial climbed 2.15 percent, E Sun Financial improved 1.58 percent, Taiwan Semiconductor Manufacturing Company surged 7.98 percent, United Microelectronics Corporation accelerated 3.50 percent, Hon Hai Precision fell 0.30 percent, Largan Precision spiked 4.27 percent, Catcher Technology rallied 2.12 percent, MediaTek skyrocketed 8.48 percent, Delta Electronics soared 6.27 percent, Novatek Microelectronics jumped 1.94 percent, Formosa Plastics was up 0.73 percent, Nan Ya Plastics gained 1.85 percent and Asia Cement increased 3.35 percent.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the trading day.

The Dow jumped 294.39 points or 0.76 percent to finish at 38,997.66, while the NASDAQ rallied 166.77 points or 1.03 percent to end at 16,366.85 and the S&P 500 gained 53.70 points or 1.04 percent to close at 5,240.03.

The support on Wall Street came as investors picked up stocks at reduced levels following Monday's data-induced heavy selling.

Investors also reacted positively to the latest batch of corporate earnings news from the likes of Uber, CSX, Nvidia, Texas Instruments, Microsoft and JP Morgan Chase, among others.

Economic data was also better as the Commerce Department said the U.S. trade deficit narrowed in June. Also, the Atlanta Fed raised its third quarter growth projection for the U.S. economy, citing latest economic data.

Oil futures settled modestly higher on Tuesday, snapping a four-session losing streak, as the shutdown of Libya's 270,000 barrel per day Sharara oil field offered mild support. West Texas Intermediate Crude oil futures for September ended up $0.26 or 0.36 percent at $73.20 a barrel.