Higher Open Called For Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Monday wrote a finish to the four-day losing streak in which it had tumbled almost 700 points or 3.2 percent. The Taiwan Stock Exchange now rests just above the 22,730-point plateau although it's expected to see continued support on Tuesday.

The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference. The TSE finished sharply higher on Monday following gains from the technology nd cement companies, while the financials and plastics were mixed.

For the day, the index surged 474.43 points or 2.13 percent to finish at 22,736.93 after trading between 22,456.50 and 22,802.53. Among the actives, Mega Financial sank 0.75 percent, while CTBC Financial perked 0.16 percent, Fubon Financial rose 0.17 percent, E Sun Financial collected 1.30 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.92 percent, United Microelectronics Corporation spiked 2.41 percent, Hon Hai Precision added 0.26 percent, Largan Precision rallied 2.87 percent, Catcher Technology soared 3.05 percent, MediaTek surged 4.38 percent, Delta Electronics jumped 1.97 percent, Novatek Microelectronics was up 0.10 percent, Formosa Plastics shed 0.36 percent, Nan Ya Plastics advanced 0.90 percent, Asia Cement strengthened 2.02 percent and Cathay Financial was unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.

The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the S&P 500 added 14.77 points or 0.24 percent to end at 6,047.15.

Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.

In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.

Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.