Taiwan Stock Market Tipped To End Losing Streak

The Taiwan stock market has finished lower in three straight sessions, tumbling more than 385 point or 2.2 percent along the way. The Taiwan Stock Exchange now sits just above the 17,950-point plateau although it’s expected to stop the bleeding on Wednesday.

The global forecast for the Asian markets is broadly positive on easing geopolitical concerns and bargain hunting. The European and U.S. markets finished firmly higher and the Asian markets are expected to open in similar fashion.

The TSE finished modestly lower on Tuesday following losses from the cement companies and mixed performances from the financials and technology stocks.

For the day, the index slid 45.86 points or 0.25 percent to finish at 17,951.81 after trading between 17,942.68 and 18,085.91.

Among the actives, Cathay Financial rose 0.16 percent, while Mega Financial sank 0.91 percent, CTBC Financial tumbled 1.75 percent, Fubon Financial collected 0.66 percent, First Financial slumped 0.76 percent, E Sun Financial slid 0.33 percent, Taiwan Semiconductor Manufacturing Company shed 0.63 percent, United Microelectronics Corporation advanced 0.94 percent, Largan Precision added 0.45 percent, Catcher Technology and Delta Electronics both dropped 0.98 percent, MediaTek lost 0.45 percent, Formosa Plastic retreated 0.95 percent, Asia Cement weakened 0.66 percent, Taiwan Cement slid 0.32 percent and Hon Hai Precision was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Tuesday and stayed that way throughout the session, finishing solidly in the green.

The Dow surged 422.67 points or 1.22 percent to finish at 34,988.84, while the NASDAQ soared 348.84 points or 2.53 percent to end at 14,139.76 and the S&P 500 spiked 69.40 points or 1.58 percent to close at 4,471.07.

The rebound on Wall Street came amid easing geopolitical concerns following news Russia is pulling back some troops from the Ukrainian border. Concerns about a destabilizing conflict between Russia and the Ukraine have weighed on stocks over the past few sessions.

Meanwhile, traders largely shrugged off a report from the Labor Department showing U.S. producer prices jumped by much more than expected in January.

Crude oil prices tumbled on Tuesday as worries about supply disruptions eased amid the de-escalation of tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended down by $3.39 or 3.6 percent at $92.07 a barrel.