Taiwan Stock Market Due For Support On Tuesday

(RTTNews) - Ahead of the long break on Friday (Typhoon Champi) and Monday (Restoration Day), the Taiwan stock market headed south again on Thursday, one day after ending the two-day losing streak in which it had given up almost 820 points or 1.7 percent. The Taiwan Stock Exchange now sits just above the 46,040-point plateau although it's expected to open to the upside on Tuesday.

The global forecast for the Asian markets is positive thanks to bargain hunting and easing crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The TSE finished sharply lower on Thursday following losses among the financial shares, technology stocks, chemicals and energy companies.

For the day, the index plunged 846.34 points or 1.81 percent to finish at 46,041.43 after trading between 46,041.43 and 47,332.18.

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

The Dow gained 146.42 points or 0.28 percent to finish at 52,361.58, while the NASDAQ jumped 214.04 points or 0.82 percent to close at 26,169.38 and the S&P 500 improved 53.09 points or 0.70 percent to end at 7,676.77.

The rebound on Wall Street reflected bargain hunting as traders looked to pick up stocks at reduced levels after the indexes fell to multi-month lows last week.

Traders are also looking ahead to the Federal Reserve's monetary policy announcement on Wednesday, with the central bank widely expected to leave rates unchanged. With a quarter-point rate hike still expected at the Fed's December meeting, traders are likely to keep a close eye on the accompanying statement.

Crude oil prices slumped on Monday on reports that a delegation from Qatar has visited Iran to discuss de-escalation of regional conflicts. West Texas Intermediate crude for December delivery was down $1.27 or 1.27 percent at $102.00 per barrel.