Taiwan Stock Market Due For Support On Wednesday

(RTTNews) - The Taiwan stock market headed south again on Tuesday, one day after ending the three-day losing streak in which it had surrendered almost 700 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 21,350-point plateau and it's expected to move back to the upside again on Wednesday.

The global forecast for the Asian markets suggests mild upside on easing treasury yields. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The TSE finished modestly lower on Tuesday following losses from the financial shares, technology stocks and plastics and cement companies.

For the day, the index dropped 180.18 point or 0.84 percent to finish at 21,356.62 after trading between 21,308.97 and 21,529.98.

Among the actives, Cathay Financial lost 0.53 percent, while Mega Financial fell 0.38 percent, CTBC Financial was down 0.14 percent, First Financial slid 0.36 percent, Fubon Financial dipped 0.27 percent, E Sun Financial sank 0.87 percent, Taiwan Semiconductor Manufacturing Company dropped 0.83 percent, United Microelectronics Corporation retreated 1.27 percent, Hon Hai Precision tanked 3.12 percent, Catcher Technology added 0.45 percent, MediaTek stumbled 2.36 percent, Delta Electronics eased 0.15 percent, Novatek Microelectronics shed 0.50 percent, Formosa Plastics tumbled 1.85 percent, Nan Ya Plastics and Asia Cement both slumped 0.96 percent, Taiwan Cement skidded 0.91 percent, China Steel declined 0.84 percent and Largan Precision was unchanged.

The lead from Wall Street is cautiously optimistic as the major averages spent much Tuesday under water before a late rally nudged them modestly up into the green.

The Dow climbed 140.26 points or 0.36 percent to finish at 38,711.29, while the NASDAQ rose 28.38 points or 0.17 percent to close at 16,857.05 and the S&P 500 perked 7.94 points or 0.15 percent to end at 5,291.34.

The higher close by the major averages came on a notable decrease by treasury yields, which extended their recent decline. The yield on the benchmark ten-year note closed lower for the fourth straight session, pulling back further off the nearly one-month closing high last Wednesday.

The continued advance by treasuries came amid signs of weakness in the labor market, with a report from the Labor Department showing a modest decrease in U.S. job openings in April.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which could have a significant impact on the outlook for the economy and interest rates.

Oil prices fell on Tuesday, extending losses from the previous session amid concerns about possible oversupply in the market after OPEC decided to phase out voluntary production cuts from October. West Texas Intermediate crude oil futures for July fell $0.97 or 1.3 percent at $73.25 a barrel.